Saudi PIF’s arm buys $1.3B stakes in 4 EGX-listed firms
Updated 8/10/2022 1:18:00 PM
Arab Finance: The Sovereign Fund of Egypt (TSFE) announced that Saudi Egyptian Investment Co, an investment arm of the Saudi Public Investment Fund (PIF), has acquired minority stakes in four companies listed on the Egyptian Exchange (EGX) at a value of $1.3 billion, according to a statement by the Ministry of Planning and Economic Development on August 10th.
The four EGX-listed companies are namely, Abu Qir Fertilizers and Chemicals Industries Company (ABUK), Misr Fertilizers Production Company (MOPCO) (MFPC), Alexandria Container and Cargo Handling Company (ALCN), and e-finance for Digital and Financial Investments (EFIH).
This comes within the framework of the Egyptian government’s plan to encourage foreign direct investment (FDI) in the country, Minister of Planning and Economic Development Hala El-Said pointed out.
The transaction reflects foreign investors’ trust in the Egyptian economy as one of the promising strategic markets with attractive opportunities of investments, El-Said noted.
The recent acquisitions are part of the signed agreement between Egypt and Saudi Arabia in June, under which the PIF seeks investments in Egypt in cooperation with the TSFE.
