Saudi PIF acquires 25% of e-finance
Updated 8/11/2022 10:42:42 AM
Arab Finance: The Saudi Public Investment Fund (PIF) has purchased 25% of e-finance for Digital and Financial Investments’ (EFIH) shares, according to a press release on August 10th.
Accordingly, the PIF now is the largest single shareholder in e-finance Investment.
In the same vein, National Investment Bank (NIB) has sold 462.22 million shares, accounting for a 25% stake, in e-finance for a total value of EGP 7.49 billion, equivalent to an average price of EGP 12.98 per share, according to a shareholding disclosure.
On August 10th, the Sovereign Fund of Egypt (TSFE) announced that Saudi Egyptian Investment Co, an investment arm of PIF, acquired minority stakes in four companies listed on the Egyptian Exchange (EGX) at a value of $1.3 billion.
It is worth noting that one of the largest sovereign wealth funds in the world, with $620 billion in assets under management at the end of the first quarter (Q1) of 2022.
Founded in 2005, e-finance is the first fintech platform in Egypt and a leading digital payment infrastructures’ developer.
