Sabic heats up the competition for buying the Egyptian Fertilizers Company

The saudi company SABIC announced its' intention to buy the Egyptian Fertilizers Company. SABIC is expected to face a fierce competition from the Egyptian Kuwaiti Holding Company that already owns 11.75% from the companys' shares, and the Indian TATA group.

Previous offers were as follows:
- Company: Egyptian Kuwaiti Holding.
- Number of shares required: 88.25% of the total number of shares of Egypt Fertilizers Co.
- Offer Price: US$ 350 per share.

- Company: Indian TATA group.
- Number of shares required:100% of the total number of shares of Egypt Fertilizers Co.
- Offer Price: US$ 352 per share.

Finantial analysts expect that the shares price will increase after this announcement, especially that the saudi company is one of the largest companies in the region and have great experience in the field of fertilizers, has mega investment in the region and has dealt before with the Egyptian market.

The bidders pledge to substitute the seller in all obligations and commitments according to their stake in the company including any commitments to the company debtors to finance the current expansion of the second production line.