According to the EGX statement by e-Finance, SEIC has acquired an additional 0.01561% on the 18th of September on top of its 25%
The Saudi Egyptian Investment Company (SEIC) has raised its stake in Egypt’s e-Finance for Digital and Financial Investments to 25.01% according to a stock market statement.
The number is significantly lower than reported by Ashraq Business, which cited people familiar to the matter yesterday that SEIC, the Egyptian investment arm of KSA’s Public Investment Fund (PIF), was looking to increase its stake in the state-owned FinTech to 28% from its 25%.
According to the EGX statement by e-Finance, SEIC has acquired an additional 0.01561% on the 18th of September on top of its 25%.
SEIC acquired the 25% stake in e-Finance last year for EGP 7.5 billion, making it the company’s single-largest shareholder, receiving 2 board seats. This was part of a wider $1.3 billion investment in state-held shares of EGX-listed companies.
According to Ashraq Business’ source, rather than a bulk purchase, the SEIC aims to steadily purchase shares until it reaches its goal of 28%. As its stake in the FinTech is now above 25%, the SEIC will now be required to share its investment plans for the company.
Earlier this week, e-Finance subsidiary e-Cards signed an agreement with Emirati e-payment company Network International to support expansion in the production, customization, and processing of smart financial cards in various regional markets.
The Saudi Egyptian Investment Company is seeking to drive growth in key business areas, enhance efficiencies, and back environmental, social, and governance (ESG) initiatives as part of its aim to expand internationally, particularly in Egypt.
During the first half of 2023, the EGX-listed e-Finance recorded a significant growth of standalone net profit after tax by 76% year-on-year, collecting EGP 390.22 million, compared to EGP 221.21 million in H1 2022.
