According to Enterprise, SEIC could be appointing two of its members to B.TECH’s board
The Saudi Egyptian Investment Company (SEIC) has acquired 34% of consumer electronics and home appliances retailer B.Tech, CEO Mahmoud Khattab told Enterprise in an exclusive interview.
Wholly-owned by Saudi Arabia’s Public Investment Fund (PIF), SEIC bought the shares from African Development Partners II, a fund advised by Development Partners International (DPI).
According to Enterprise, SEIC could be appointing two of its members to B.TECH’s board.
The remaining 66% of B.TECH is owned by BT Holding, owned by the founding Khattab family.
B.TECH will be scaling new business verticals and core operations, as well as investing in expanding its financial inclusion efforts, hiring, and other consumer offerings, the company explained in a statement.
To Enterprise, Khattab explained that B.TECH is currently not looking to expand outside of Egypt, stating that there is still much potential in the country.
During DPI’s holding period (6 years), revenues grew 5x with ecommerce now accounting for 20% of its top line. The company holds a market share of 23% in online sales within their segment, explained the CEO.
Saudi Arabia’s SEIC, launched in August, has acquired several minority stakes in Egyptian companies worth around $1.3 billion, with SEIC dedicated to investing in “promising sectors” within the country.
In early September, state-owned aluminum company Egyptalum announced that it was planning to offer 65% of its planned capital increase to the PIF, worth $200 million out of its needed $300 million for financing its development process.
