PIF unit inks binding agreement to acquire minority stakes in 4 EGX firms

Logo of Saudi Egyptian Investment Co. (SEIC)

Saudi Egyptian Investment Co. (SEIC), a wholly-owned unit of the Public Investment Fund (PIF), announced today, Aug. 10, acquiring minority stakes in four Egyptian Exchange (EGX)-listed companies.

Upon obtaining the required regulatory approvals, the company would be acquiring stakes in Abu Qir Fertilizers Co., Misr Fertilizers Production Co. (MOPCO), Alexandria Container and Cargo Handling Co. (ALCN) and E-Finance for Digital and Financial Investments (EFIH). These companies are operating in promising industries including fintech, logistics and fertilizers, PIF said in a statement picked up by Argaam.

These deals come in line with the company’s investment strategy to invest in Egypt as one of Africa’s key and fastest growing markets.

The company is complementing the PIF’s efforts to explore new investment opportunities in the MENA region and to conclude strategic economic partnerships in the long term to generate sustainable returns. This will, in turn, aggrandize assets and diversify sources of income, in line with Saudi Vision 2030.