Saudi PIF, acquisition talks over 3 private Egyptian companies

Saudi Arabia’s Public Investment Fund (PIF) is negotiating to acquire three private Egyptian companies in the healthcare, education, and real estate development sectors, local press said citing sources close to the deals.

In August 2022, the PIF acquired minority stakes in four Egyptian companies listed on the Egyptian Stock Exchange worth of $1.3 billion. 

The PIF purchased a 25 percent stake in eFinance from the National Investment Bank, valued at EGP 7.27 billion .Moreover, they acquired  20 percent stake in Alexandria Container and Cargo Handling , which is part of the Holding Company for Maritime and Land Transport.

Shares totalling 19.8 percent in Abu Qir Fertilizers Company were sold to the PIF by Al-Ahly Capital Company. The stake consisted of 250 million shares at a price of EGP 29.07 per share.

Furthermore, the PIF acquired a stake of approximately 25 percent in MOPCO from three government agencies: the Ministry of Finance, the National Investment Bank, and the Egyptian Natural Gas Company (GASCO). The stake was valued at EGP 7.1 billion, with a price of EGP 123 per share.

PIF is the sovereign wealth fund of Saudi Arabia with total assets of over $750 billion.