The Saudis are upping their stake in e-Finance: The Saudi Egyptian Investment Company (SEIC), the investment arm of the Public Investment Fund (PIF), is planning to increase its stake in state fintech player e-Finance to 28% from 25% currently, Asharq Business reported yesterday, citing people familiar with the matter.

Refresher: The Saudi wealth fund acquired 25% of the company last year for EGP 7.5 bn, becoming its single-largest shareholder and getting it two seats on the board. This was part of a wider USD 1.3 bn investment in state-held shares of EGX-listed companies.

A gradual process: SEIC will continue purchasing shares until it reaches 28%, according to the news outlet. Yesterday it purchased a number of shares to increase its stake to 25.02%, it said in a bourse filing (pdf).

Now, they must tell us their plan for e-Finance: With SEIC’s ownership now exceeding the 25% mark, it is obliged to disclose its investment plan in the fintech company, according to the sources.

e-Finance to enter Saudi: The fintech player said in a statement in April that it has inked a MoU with Saudi Arabia’s Thiqah Business Services to provide digital solutions and e-payments services in Saudi Arabia and Egypt, a partnership that marks e-Finance’s entry into the Saudi market. Asharq Business reported in May that the company is expected to launch its operations in 3Q 2023.

Market reax: e-Finance shares closed 0.3% higher yesterday at EGP 17.85 per share.

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