{"id":548772,"date":"2022-08-22T04:00:03","date_gmt":"2022-08-22T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/"},"modified":"2022-08-22T04:00:03","modified_gmt":"2022-08-22T04:00:03","slug":"saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/","title":{"rendered":"Saudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank"},"content":{"rendered":"

<\/a> Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at <\/strong>least three possible high-profile acquisitions now appearing to be in its pipeline<\/strong>, including an aluminum maker, a bank and Egyptian Media Production City. The fund has not confirmed any of the three potential transactions.<\/p>\n

A stake in EgyptAlum? <\/strong>The Public Investment Fund (PIF) is looking to take a position in EGX-listed Egypt Aluminum\u2019s (EgyptAlum) capital increase<\/a>, Al Shorouk<\/a> reported yesterday, citing unnamed sources. The newspaper says the transaction could be finalized before the end of the year. Company representatives we reached out to did not reply by our dispatch time this morning.<\/p>\n

This is the second local outlet to report PIF interest in EgyptAlum:<\/strong> Al<\/a>Borsa<\/a> earlier this month claimed the fund could invest in EgyptAlum \u201cwithin weeks.\u201d<\/p>\n

We\u2019ve known for months that an Arab sovereign fund has been eying the aluminum <\/strong>maker<\/strong>:<\/strong> Then-public enterprises minister Hisham Tawfik said in May<\/a> that the state could sell a 20-25% stake in the company to an unnamed Arab sovereign fund.<\/p>\n

Egyptalum is staying tight-lipped: <\/strong>The state-owned firm didn\u2019t confirm or deny the news, reiterating in an EGX disclosure (pdf)<\/a> that it is still studying plans for a capital increase and will offer shares to a \u201cstrategic investor\u201d to help finance its development. The state-owned company is looking to raise as much as USD 300 mn<\/a> in equity and finance to upgrade its operations. It has tapped engineering giant Bechtel to conduct a feasibility study for the upgrades.<\/p>\n

Market reax: <\/strong>EgyptAlum shares closed up 1.4% yesterday at EGP 17.65.<\/p>\n

UNITED BANK TRANSACTION ISN\u2019T DONE \u2026 YET<\/strong><\/p>\n

The PIF has<\/strong> not acquired United Bank<\/strong>, a source close to the transaction told Enterprise yesterday, denying a report in Al Shorouk<\/a> that claimed that the fund has already completed due diligence and acquired United from the Central Bank of Egypt (CBE). The fund remains in early-stage negotiations with the CBE, which owns 99.9% of United, our source told us, without putting a timeframe on when PIF expects to pull the trigger on the transaction.<\/p>\n

The Saudi sovereign wealth fund was first reported to be <\/strong>eyeing the bank<\/a><\/strong> in May<\/strong>. More recent reports<\/a> have suggested that the PIF is close to wrapping due diligence and the acquisition could go through by the end of this year.<\/p>\n

SOUND SMART- The <\/strong>CBE owns 99.9% of United Bank<\/strong>, which it created in 2006 through the merger of smaller entities near the end of a large-scale cleanup of the banking sector triggered by the bad-debt crisis of the late 1990s. The lending bubble of the 1990s collided with fallout from the November 1997 Luxor massacre, which sent tourism \u2014 and the economy \u2014 into a nosedive. That cleanup saw the CBE force consolidation, recapitalization, and a world-class regulatory framework (criticized in some quarters as excessively risk-averse) onto the industry. By the time it drew to an end, Egypt had 39 banks, down 17 from the height in 2003.<\/p>\n

Advisors:<\/strong> Chatter in domestic media suggests PIF has appointed our friends at EFG Hermes as financial advisors and US law firm Akin Gump as legal counsel for the transaction. CI Capital is reportedly acting as United Bank\u2019s advisor.<\/p>\n

PIF EYEING MEDIA CITY?<\/strong><\/p>\n

D<\/strong>oes PIF want to acquire Egyptian Media Production City?<\/strong> That\u2019s according to Al Shorouk, which reported yesterday that the fund\u2019s new Egypt investment arm<\/a> is interested in snapping up 10-25% of the state-owned company\u2019s shares, citing what it said are \u201cinformed sources.\u201d<\/p>\n

EMPC is none the wiser:<\/strong> \u201cWe have no information in regard to this news,\u201d it said in an EGX disclosure (pdf)<\/a>. The company\u2019s chairman, Abdel Fattah El Gebaly, said he had no knowledge of the news when we reached out yesterday, telling us that the company is not looking to attract investors at the moment.<\/p>\n

Market reax: <\/strong>EMPC\u2019s shares jumped 10.7% on the report, closing at EGP 5.61 yesterday.<\/p>\n

BACKGROUND- Like our friends in Abu Dhabi, KSA is on a spending spree here in Egypt: <\/strong>The PIF earlier this month acqu<\/a>ired<\/a>minority stakes<\/a> in four EGX-listed companies for USD 1.3 bn through its newly established arm<\/a> for Egyptian investments. The buys are the first of USD 10 bn<\/a> pledged by the fund earlier this year as part of Saudi efforts to support Egypt\u2019s external position, which has been rocked by soaring commodity prices as well as outflows from our debt market and a weaker EGP. Abu Dhabi wealth fund ADQ led with similar moves, purchasing state-owned stakes<\/a> in five companies for around USD 1.8 bn in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including an aluminum maker, a bank and Egyptian Media Production City. The fund has not confirmed any of the three potential transactions. A stake in EgyptAlum? The Public Investment Fund (PIF) […]<\/p>\n","protected":false},"author":1,"featured_media":548773,"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":[1008,1449,72,7128,219,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-egypt-aluminum","tag-egyptian-media-production-city","tag-enterpriseam","tag-ma-watch","tag-saudi-arabia","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"d7ef0109-f72e-4b5c-a44d-005328a1c284","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/343.jpg","photo_position":"above","related_issue":[548768],"teaser":"","voice_url":""},"yoast_head":"\nSaudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank - 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\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including an aluminum maker, a bank and Egyptian Media Production City. 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The disclosure doesn\u2019t name the investors buying in,\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":549304,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/the-public-investment-what\/","url_meta":{"origin":548772,"position":1},"title":"The Public Investment what?","author":"enterpriseam admin","date":"12 September 2022","format":false,"excerpt":"AMOC responds to PIF rumors: Alexandria Mineral Oil Company (AMOC) has not received any information on the Saudi sovereign wealth fund\u2019s reported intention to acquire a minority stake in the company, it said in a disclosure (pdf) yesterday in response to reports in the local press. Al Shorouk reported on\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\/193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546809,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/30\/govt-could-sell-20-25-of-egyptalum-potentially-to-an-arab-sovereign-fund-25-of-new-state-owned-hotels-company-will-be-listed-on-the-egx\/","url_meta":{"origin":548772,"position":2},"title":"Gov\u2019t could sell 20-25% of Egyptalum, potentially to an Arab sovereign fund + 25% of new state-owned hotels company will be listed on the EGX","author":"enterpriseam admin","date":"30 May 2022","format":false,"excerpt":"The state plans to sell a stake in EGX-listed Egypt Aluminum (EgyptAlum) to a \u201cstrategic investor,\u201d Public Enterprises Minister Hisham Tawfik said at a conference yesterday, according to a press release (pdf). The ministry could sell a 20-25% stake to the investor, Tawfik separately told CNBC Arabia (watch, runtime: 3:55)\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\/5\/391.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547556,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/a-30-stake-in-the-new-hotels-company-will-be-up-for-grabs-the-saudis-have-their-eyes-on-the-stake-in-egyptalum\/","url_meta":{"origin":548772,"position":3},"title":"A 30% stake in the new hotels company will be up for grabs + the Saudis have their eyes on the stake in Egyptalum","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"PIF has its eyes on our tourism and aluminum sectors: The Saudi sovereign wealth fund could be snagging a \u201csignificant\u201d stake in the new hotels company made up of several merged state hotels, Hapi Journal quotes Public Enterprises Minister Hisham Tawfik as saying. The Public Investment Fund (PIF) could snag\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590900,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/27\/singapore-chemicals-firm-eyes-egypt-plus-egyptalum-valu-and-a-usaid-backed-entrepreneurship-initiative\/","url_meta":{"origin":548772,"position":4},"title":"Singapore chemicals firm eyes Egypt. PLUS: EgyptAlum, valU and a USAID-backed entrepreneurship initiative","author":"enterpriseam admin","date":"27 July 2023","format":false,"excerpt":"The company signed an MoU with the Sovereign Fund of Egypt yesterday","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\/2023\/7\/1123.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550370,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/saudi-wealth-fund-acquires-minority-stake-in-eipico\/","url_meta":{"origin":548772,"position":5},"title":"Saudi wealth fund acquires minority stake in EIPICO","author":"enterpriseam admin","date":"25 October 2022","format":false,"excerpt":"PIF now owns a slice of EIPICO: Saudi Arabia\u2019s sovereign wealth fund is strengthening its position in Egypt\u2019s pharma sector, acquiring a 4.7% stake in EGX-listed Egyptian Pharma Company (EIPICO), Al Mal reports, citing sources it says are in the know. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548772","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=548772"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548772\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548773"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548772"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548772"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}