Egypt's Sidpec to acquire Ethydco after Abu Dhabi Fund bid

Ahram Online , Tuesday 18 Jul 2023

Egyptian state-owned Sidi Kerir Petrochemicals (Sidpec) said its board of directors had approved the takeover of another state-owned company, Egypt Ethylene and Derivatives Company (Ethydco), according to a stock exchange statement on Monday.

Petrochemical complex. Stock Image.
Petrochemical complex. Stock Image.

 

The acquisition will be made through a capital increase by Sidpec, issuing up to 877 million shares to be distributed to Ethydco shareholders. 

However, the deal amount for the acquisition has not yet been disclosed.

Sidpec's total capital is currently EGP 1.512 billion. Ethydco is an Egyptian joint stock company established in 2011.

Last week, the Egyptian government revealed its intention to offer the Abu Dhabi Development Fund a 25 to 30 percent stake in three companies, Ethydco, Elab and National Drilling, for a total of $800 million. 

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