Cairo – Mubasher: Misr Fertilizers Production Company (Mopco) has received a letter from that the cabinet approving the dispute settlement and stock purchase agreements between Mopco’s Egyptian Nitrogen Products Company (ENPC) and Nutrien (formerly Agrium).
The agreements include the transfer of ownership of Agrium’s stake in Mopco amounting to 59.67 million shares to the Ministry of Finance at a price to be negotiated later, according to a bourse disclosure on Sunday.
Agrium will drop all the lawsuits raised against the Egyptian government and related companies.
The agreements will not result in any obligations on Mopco and will have no impact on its financing and operational activities.
During the first nine months of 2020, Mopco achieved net profits of EGP 1.68 billion, up from EGP 1.25 billion in the corresponding period a year earlier.
