The newly-launched Saudi Egyptian Investment Company (SEIC) has acquired minority stakes in 4 Egyptian companies worth around $1.3 billion
The newly-launched Saudi Egyptian Investment Company (SEIC) has acquired minority stakes in 4 Egyptian companies worth around $1.3 billion, revealed the Ministry of Planning and Economic Development earlier today.
The SEIC acquired stakes in Abu Qir Fertilizers and Chemical Industries, Misr Fertilizers Production Company, Alexandria Container and Cargo Handling, and E-Finance for Financial and Digital Investments.
The SEIC bought a 25% stake in Mopco for EGP 7.15 billion at an average price of EGP 123.96; 25% in e-finance for EGP 7.5 billion at an average price of EGP 16.23; a 20% stake in Alex Containers for EGP 3 billion at an average price of EGP 10.14 ; and 19.82% in Abu Qir for EGP 7.3 billion at an average price of EGP 29.08.
Minister of Planning and Economic Development, Hala El-Said, stated that the deal comes within Egypt’s sovereign fund's and the state’s strategies to encourage foreign direct investments and attract Arab and foreign investors through investment opportunities.
El-Said added that it also reflects foreign investors’ confidence in the Egyptian economy as a promising strategic market.
The Saudi Egyptian Investment Company was launched less than 7 days ago by Saudi Arabia’s Public Investment Fund (PIF), aiming to expand the PIF’s portfolio of investments in Egypt’s vital sectors and the MENA region.
The volume of Saudi investments in Egypt amounts to more than $32 billion through more than 6,800 Saudi companies, according to the Saudi Press Agency during the announcement of SEIC’s establishment.
*Updated to reflect new data on size of stakes sold/bought, and average price per share