Egypt’s EMPC says unaware of PIF’s planned investment

Logo of Public Investment Fund (PIF)

Egyptian Media Production City (EMPC) denied having any information about the Saudi Public Investment Fund's (PIF) intention to invest in the company.

The Egyptian Exchange (EGX) suspended trading on EMPC’s shares for 10 minutes during today’s session for exceeding 10%.

The Egyptian newspaper Al Shorouk, quoting sources, stated that the Saudi Egyptian Investment Co. (SEIC), which is owned by PIF, intends to buy a minority stake ranging between 10-25% of EMPC’s shares through large-scale transactions.

Earlier this August, PIF launched SEIC, which aims to invest in Egypt’s promising sectors, as one of Africa’s key, fastest growing markets, according to data compiled by Argaam.

SEIC recently announced its acquisition of minority stakes in four EGX-listed companies from the Egyptian government.