Arab News, Aug 11, 2022 | Muharram 13, 1444
PIF-owned SEIC acquires majority stakes in 4 Egyptian companies for $1.3bn
RIYADH: The Saudi Egyptian Investment Co., a company wholly owned by the Public
Investment Fund, announced the acquisition of majority stakes in four publicly
listed Egyptian companies.
The value of the deal is estimated at about $1.3 billion, the Egyptian Ministry
of Planning and Economic Development tweeted.
The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co.,
Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co. and
E-Finance for Digital and Financial Investments SAE.
These companies operate across promising sectors including fintech, logistics,
and fertilizer.
Meanwhile, SEIC aims to support PIF’s efforts to explore new investment
opportunities in the Middle East and North Africa region that support the
creation of long-term strategic economic partnerships to achieve sustainable
returns.