Arab Finance: A fund affiliated with ADQ Holding, one of Abu Dhabi’s sovereign wealth funds, is on the verge of buying a 20-25% stake in the state-owned Egyptian Linear Alkyl Benzene (Elab), three sources familiar with the matter told Asharq Business on May 9^th.

Once the deal is completed in May, as expected by the sources, Elab would be the first company to sell stakes within the framework of the country’s initial public offering (IPO) program.

One of the sources disclosed that an extra 10% stake in Elab would be offered on the Egyptian Exchange (EGX) before the end of May after finalizing the ADQ-affiliated fund’s deal.

It is worth noting that the National Investment Bank owns a 34% stake in Elab, while the Egyptian Petrochemicals Holding Company (ECHEM) holds a 21% stake, the Egyptian Natural Gas Holding Company (EGAS) owns 21% of it, while the Ministry of Finance has 13% in Elab, and the Egyptian General Petroleum Corporation and Royal Chemicals hold 10.5% and 0.22%, respectively.

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