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PIF raises stake in Egyptian e-finance company

PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago Pixabay/Ahmad Ardity
PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago

Saudi Arabia’s Public Investment Fund (PIF) has raised its stake in an Egyptian developer of digital payments infrastructure.

PIF submitted a request to increase its stake by two percent in E-Finance Company to the Financial Regulatory Authority almost a month ago, Egypt Today newspaper reported, citing details from the technology company’s chairman Ibrahim Sarhan.

The value of the deal was not given.

The Saudi Egyptian Investment Company (SEIC), a subsidiary of PIF, acquired minority stakes in August 2022 in four Egyptian state-owned companies, including E-Finance, for $1.3 billion.

SEIC acquired the 25 percent stake in E-Finance for EGP7.5 billion ($243.75 million), making it the single-largest shareholder and getting two seats on the board, the report said.

Egypt’s General Authority of Free Zones and Investment chairman Hossam Heiba last month said the north African country expects foreign direct investment of $35 billion over the next five years as the government aims to boost economic growth.

The government hopes to attract around $12 billion in FDI in 2023/2024, with a projected annual increase of 15 percent and 20 percent, he said.

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