{"id":546085,"date":"2022-04-27T03:57:03","date_gmt":"2022-04-27T03:57:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/"},"modified":"2022-04-27T03:57:03","modified_gmt":"2022-04-27T03:57:03","slug":"pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/","title":{"rendered":"PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt"},"content":{"rendered":"

<\/a> Saudi PIF subsidiary<\/strong> ups stake in Rameda:<\/strong> The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the EGX announced (pdf)<\/a> yesterday. SSIC, a subsidiary of the Public Investment Fund (PIF, KSA\u2019s sovereign wealth fund), purchased 65 mn shares for EGP 135.2 mn on Thursday, less than two months after first investing in the company. SSIC purchased a 4.51% stake at the beginning of March as part of a block transaction<\/a>with Rameda\u2019s largest shareholder, Equinox<\/a>, Rameda\u2019s head of institutional investor relations, Yasmine Negm<\/a>, confirmed to Enterprise. Negm declined to disclose who sold the shares.<\/p>\n

PIF loves Egypt:<\/strong> SSIC\u2019s latest share buy came after KSA and Egypt inked an agreement<\/a> last month that would see the sovereign fund invest up to USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors, part of a raft of support measures from our friends in the Gulf to help shore up Egypt\u2019s fiscal position amid global volatility triggered by the war in Ukraine. As we noted yesterday, the Saudi cabinet and Shura Council have both signed off on the PIF ramping up investment here<\/a>.<\/p>\n

ADIB Egypt sells National Glass and Crystal Co. to El Garhy Steel<\/p>\n

A subsidiary of <\/strong>El Garhy Steel<\/a><\/strong> has acquired a majority stake in the National Glass and Steel Co.<\/strong> from ADIB Egypt, according to a regulatory filing (pdf)<\/a>. Garhy Steel unit El Wehda Industrial Development bought around 13.3 mn shares at EGP 2.25 per share for a total of EGP 30 mn, Al Borsa<\/a> reports, citing EGX trading data. ADIB announced plans<\/a> to offload its 88.3% stake in the glassmaker earlier this year.<\/p>\n

El Wehda upped its offer: <\/strong>El Wehda had submitted a mandatory tender offer<\/a> to buy 100% of the National Company for Glass and Crystal at EGP 1.35 per share, before upping its offer in the face of competition. ADIB received an offer from another firm \u2014 identified by local media as Kandil Steel \u2014 of EGP 2.40 per share. The Emirati bank will make up the EGP 0.15 difference for any minority shareholders who wish to exercise their option to also sell their shares to El Garhy, it said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi PIF subsidiary ups stake in Rameda: The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the EGX announced (pdf) yesterday. SSIC, a subsidiary of the Public Investment Fund (PIF, KSA\u2019s sovereign wealth fund), purchased 65 mn shares for EGP 135.2 mn on Thursday, less […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[469,1029,1772,72,7128,1771,1389,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546085","post","type-post","status-publish","format-standard","hentry","category-ma-watch","tag-abu-dhabi-islamic-bank","tag-el-garhy-steel","tag-el-wehda-industrial-development-co","tag-enterpriseam","tag-ma-watch","tag-national-glass-and-crystal-company","tag-pif","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"d183b0b5-6e15-4503-a9da-566a821f9732","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546077],"teaser":"","voice_url":""},"yoast_head":"\nPIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/27\/pif-subsidiary-ups-stake-in-egx-listed-rameda-el-garhy-buys-natl-glass-and-crystal-from-adib-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat\u2019l Glass and Crystal from ADIB Egypt\" \/>\n<meta property=\"og:description\" content=\"Saudi PIF subsidiary ups stake in Rameda: The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the EGX announced (pdf) yesterday. 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The Public Investment Fund (PIF) reportedly purchased some 4.7\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563948,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/29\/compass-raises-rameda-stake-to-15-4\/","url_meta":{"origin":546085,"position":1},"title":"Compass raises Rameda stake to 15.4%","author":"enterpriseam admin","date":"29 July 2021","format":false,"excerpt":"Compass ups stake in Rameda: Rameda Pharma\u2019s largest shareholder Equinox Pharma has raised its stake in the company by 2.7% to 15.4%, the company said in a statement (pdf) last night. Equinox is owned by Compass Investment, which acquired 100% of Rameda in 2011 before listing it on the EGX\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591422,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/rameda-pharma-retail-subscription-surges-on-final-day-offering-closes-33x-oversubscribed\/","url_meta":{"origin":546085,"position":2},"title":"Rameda Pharma retail subscription surges on final day, offering closes 33x oversubscribed","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"Retail appetite for Rameda\u2019s IPO surgest on last day; offering closing 36.3x oversubscribed: Retail investors poured into Rameda Pharma\u2019s 5% public offering on the final day of subscription yesterday, leading the retail component to close 36.3x oversubscribed, Al Mal reports. Investors had placed orders for 683.22 mn shares by the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/626.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549398,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/15\/one-more-gulf-acquisition-in-the-bag-kuwaits-sovereign-fund-joins-the-party\/","url_meta":{"origin":546085,"position":3},"title":"One more Gulf acquisition in the bag + Kuwait\u2019s sovereign fund joins the party","author":"enterpriseam admin","date":"15 September 2022","format":false,"excerpt":"When one Gulf acquisition wraps, another one opens: Abu Dhabi Ports (ADP) finalized its takeover of a major local shipping and logistics outfit \u2014 and the Kuwaiti Investment Authority (KIA) took a leaf out the book of its Gulf sovereign fund neighbors, buying a 4.8% stake in EGX-listed Rameda Pharma.ADP\u2019s\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/232.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591230,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/01\/rameda-pharma-retail-offering-oversubscribed-on-first-day\/","url_meta":{"origin":546085,"position":4},"title":"Rameda Pharma retail offering oversubscribed on first day","author":"enterpriseam admin","date":"1 December 2019","format":false,"excerpt":"IPO WATCH- Rameda Pharma retail offering oversubscribed on first day: The retail component of Rameda\u2019s IPO was oversubscribed at the close of play on Thursday, market sources told the local press. Retail investors put in orders for 19.65 mn shares, handily covering the 18.83 mn shares offered by the pharma\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/","url_meta":{"origin":546085,"position":5},"title":"Does PIF want more of EIPICO?","author":"enterpriseam admin","date":"28 November 2022","format":false,"excerpt":"Among the other stories we\u2019re paying attention to this morning:PHARMA- EIPICO says it hasn\u2019t been formally told Saudi\u2019s PIF wants to up its stake: EIPICO IR Manager Abdel Raheem Ghareeb tells us that the company has not received any official notice that Saudi Arabia\u2019s Public Investment Fund (PIF) intends to\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546085"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546085\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546077"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546085"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546085"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}