News circulated around local and regional media outlets on Sunday that the PIF was looking to acquire a stake in the two companies, as well as an unnamed bank
After making headlines yesterday, both the Egyptian Media Production City Company (EMPC) and Egypt Aluminum (Egyptalum) have released statements regarding news that Saudi Arabia’s Public Investment Fund (PIF) aims to invest in the two companies.
News circulated around local and regional media outlets on Sunday that the PIF was looking to acquire a stake in the two companies, as well as an unnamed bank. At the time of writing, the PIF has yet to come out with a statement regarding the news.
Chairman of the EMPC Abdel-Fattah El-Gebaly denied the claims, telling Asharq last night that “There are no negotiations, either from near or far, about selling a share of the Egyptian Media Production City Co. to the Saudi sovereign fund.”
Egyptalum, however, revealed in a stock exchange filing that it is currently looking into increasing the company’s capital, adding that it will present the transaction to a strategic investor. The capital raise aims to finance Egypt Aluminum’s development and maintain the current production capacity at 320,000 tonnes a year.
Earlier this month, the PIF’s newly-launched Saudi Egyptian Investment Company (SEIC) acquired minority stakes in 4 Egyptian companies worth around $1.3 billion, with SEIC dedicated to investing in “promising sectors” in Egypt.
