PIF's subsidiary divests stake in Egypt firm, generates strong returns

The transaction was valued at about EGP 13.2 billion

UAE’s Abu Dhabi Ports Group (AD Ports) announced today, Nov. 20, it acquired a 19.33% stake in Alexandria Container & Cargo Handling Company (ALCN) from the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of the Public Investment Fund (PIF).

 

The transaction, valued at about EGP 13.2 billion ($278 million), was financed through a mix of existing cash and debt.

 

In 2022, SEIC acquired a 19.33% stake in ALCN for $126 million.

 

Upon completion of the divestiture transaction, SEIC achieves profits of about $236 million from the deal and the distributed dividend.

 

SEIC's investment strategy targets further growth in investments and market capitalization to achieve lucrative financial returns.

 

Details of ALCN's Ownership Structure

 Investor

Number of Shares (mln)

Par Value

(EGP mln)

Ownership %

Egyptian Holding Company for Maritime and Land Transport

1053.83

526.92

 35.37%

Alpha Oryx Ltd (Abu Dhabi-UAE)

953.44

476.72

32.00%

SEIC

575.90

287.95

19.33%

Alexandria Port Authority

227.36

113.68

7.63%

Free Float

168.98

84.49

5.67%

Total

2979.51

1489.75

100%

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