Saudi conglomerate Savola said it had sold its 30 per cent stake in Egyptian Fertilisers Company to Abraaj Capital of the UAE for more than double its acquisition price.

'The group (Savola) managed ... to sell its entire 30 per cent stake in Egyptian Fertilisers Company to Abraaj Capital Group for 1.3 billion riyals ($346.7 million), achieving as a result net capital gains exceeding 700 million riyals,' Savola said in a statement.

An official of the Egyptian company said Abraaj bought a 30 per cent stake in the company for $1.4 billion.

Egyptian Fertilisers has a capacity of about 1.3 million tonnes a year.

Savola had offered last year to pay 3 billion riyals to buy the remaining 70 per cent in the Egyptian firm.  Reuters