Citadel had previously hit the front of the five-way auction in late June when it offered about $475 a share for the 1.475 million shares on offer, about 88.25 per cent of the company. The bid overtook an offer of $462 a share submitted on 17 June by Egypt Kuwait Holding Company (EKH).

Another potential bidder, Saudi Basic Industries Corporation (Sabic),withdrew on 29 June saying the price was too high. Other bidders were India’s Tata Groupand Agriumof Canada.

The local EFG-Hermesis managing the sale, which includes a 46 per cent share held by state-owned Egyptian Petrochemical Holding Company (ECHEM – MEED 24:6:05).