The Sovereign Fund of Egypt (TSFE) announced the completion of the acquisition of the Saudi Egyptian Investment Company, wholly owned by the Saudi Public Investment Fund (PIF), of state-owned minority stakes in four leading Egyptian companies listed on the Egyptian Stock Exchange, at a value of $1.3bn.
The companies are Abu Qir Fertilizers Co., Misr Fertilizers Production Company (MOPCO), Alexandria Containers and Cargo Handling Co., and e-finance.
“This deal comes within the framework of the state’s plan to expand the ownership base and encourage foreign direct investment,”H.E. Dr. Hala El-Said, Egypt’s Minister of Planning & Economic Development. Chairperson of The Sovereign Fund of Egypt.
The deal also comes to support Egypt’s sovereign fund strategy in attracting Arab and foreign investors and providing promising investment opportunities in various economic sectors.
El-Said added that this deal reflects the confidence of the foreign investor in the Egyptian economy, as it is one of the promising strategic markets that have many attractive investment opportunities.
It is noteworthy that this deal comes to activate the agreement between the Arab Republic of Egypt and the Kingdom of Saudi Arabia that was signed last June regarding the investment of the Saudi Public Investment Fund in Egypt in cooperation with TSFE and to enhance economic relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia.