PIF unit acquires stakes in 4 Egyptian firms for about $1.3 bln

Logo of Public Investment Fund (PIF)

Saudi Egyptian Investment Co. (SEIC), a newly-launched investment firm of the Public Investment Fund (PIF), has acquired stakes in four Egyptian firms for nearly $1.3 billion, Asharq News reported, citing sources in the know.

The aforementioned companies are Abu Qir Fertilizers Co. (AFC), E-finance for Digital and Financial Investments (EFIH), Misr Fertilizers Production Co. (MOPCO) and Alexandria Container and Cargo Handling Co. (ALCN).

PIF recently announced the launch of SEIC to invest in promising sectors throughout Egypt, one of the world’s emerging markets, according to Argaam’s data.