Arab Finance: An affiliated firm to Abu Dhabi-based investment and holding company ADQ is considering purchasing a 20-25% stake in state-owned Egyptian Chemical Industries (KIMA), Al Borsa News reported on June 11^th, citing anonymous government sources familiar with the matter.

Selling a stake in KIMA is among the proposed financing alternatives to fund the second phase of KIMA 2 project, according to the sources.

The sources expected the second phase of the KIMA 2 project to be completed within the next three years, with investments amounting to about $297 million.

Moreover, they projected that the nitric acid and ammonium nitrate project’s contract would be awarded this week. The project has a production capacity of 600 tons per day of nitric acid and 665 tons per day of ammonium nitrate for industrial purposes.

In February, Egypt announced that it looks forward to offering shares in up to 32 companies for sale on the Egyptian Exchange (EGX), to strategic investors, or a mix of both.

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