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OCI Global has successfully completed the sale of its 50% equity stake in Fertiglobe to Abu Dhabi National Oil Company (ADNOC) for USD 3.62 billion on a cash-free debt-free basis. This transaction marks a significant milestone in OCI's strategy to unlock shareholder value. Following the deal, ADNOC's shareholding in Fertiglobe has increased to 86.2%, while the free float on the Abu Dhabi Securities Exchange remains at 13.8%.
Mr. Ahmed El-Hoshy has been re-appointed as Chief Executive Officer of Fertiglobe, effective October 15, 2024. Fertiglobe, formed as a strategic partnership between OCI and ADNOC in 2019, is the world's largest seaborne exporter of urea and ammonia combined. Since its IPO in October 2021, Fertiglobe has returned USD 2.42 billion in dividends to shareholders, representing one of the highest dividend yields in its sector.
OCI Global has successfully completed the sale of its 100% equity interests in Iowa Fertilizer Company (IFCO) to Koch Ag & Energy Solutions (KAES) for USD 3.6 billion on a cash-free debt-free basis. This transaction, along with the recently announced sales of Fertiglobe and OCI Clean Ammonia, is expected to generate cumulative gross cash proceeds of approximately USD 9.5 billion. The sale marks a significant milestone in OCI's strategy to unlock shareholder value and provides flexibility for capital allocation, including deleveraging and returning capital to shareholders.
IFCO, commissioned in April 2017, was the first greenfield nitrogen fertilizer plant built in the US in over 25 years and the largest private construction project in Iowa's history. The sale to KAES positions IFCO for its next growth phase while demonstrating OCI's commitment to value creation for shareholders.
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