Saudi Arabia’s Public Investment Fund (PIF) has acquired on Tuesday 25 percent stake in the Egypt’s Misr Fertilizer Production Company (MOPCO), according to an unnamed government official.
The source added that PIF agreed to buy with additional price premium of 25 percent over the market price, while the contracts are being signed, noting that the deal will be executed today or tomorrow on the Egyptian Exchange (EGX).
PIF has revealed its aspirations to invest in the Egyptian market in several sectors, especially health care, education, agriculture and financial services.
PIF recently launched Saudi Egyptian Investment Company (SEIC) last week, which aims to invest in promising sectors throughout Egypt, one of the world’s emerging markets (EMs).
Saudi sovereign fund succeeded to buy the shares of the National Investment Bank and the Ministry of Finance; its share will rise to 24.53 percent in the ownership structure of MOPCO.
