Saudi wealth fund to buy new stakes in two Egyptian firms

The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), plans to increase its investments in Egypt by buying more shares in publicly-traded Egyptian companies.

SEIC plans to buy shares in Egypt Aluminum Company (Egyptalum) and to increase its ownership in the Egyptian International Pharmaceutical Industries (EIPICO), CNN Arabic reported on Tuesday.

In August, SEIC acquired minority stakes in four state-run Egyptian companies worth around $1.3 billion, namely Fawry for Banking and Payment Technology Services, Abu Qir Fertilizer and Chemical Industries, Misr Fertilizers Production Company (MOPCO), and Alexandria Container and Cargo Handling Company,said Minister Hala al-Saeed in a statement said at the time.