{"id":577060,"date":"2022-11-08T04:00:09","date_gmt":"2022-11-08T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/more-egyptian-companies-are-getting-attention-from-our-friends-in-the-gulf\/"},"modified":"2022-11-08T04:00:09","modified_gmt":"2022-11-08T04:00:09","slug":"more-egyptian-companies-are-getting-attention-from-our-friends-in-the-gulf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/more-egyptian-companies-are-getting-attention-from-our-friends-in-the-gulf\/","title":{"rendered":"More Egyptian companies are getting attention from our friends in the Gulf"},"content":{"rendered":"

<\/a> More Gulf M&A:<\/strong> Separate firms in Saudi Arabia and Abu Dhabi look like they could enter a bidding war for a Maridive Oil and Service subsidiary, and Gulf investors including sovereign wealth funds have upped their minority stakes in EGX-listed education outfit CIRA Education.<\/p>\n

PIF & CO TAKE STAKE IN CIRA-<\/strong><\/p>\n

Several Gulf-based funds \u2014 including Saudi Arabia\u2019s Public Investment Fund \u2014 <\/strong>now <\/strong>own 15% of EGX-listed CIRA<\/strong> Education, <\/strong>Al Mal<\/a> quotes CEO Mohamed El Kalla as saying. PIF has bought stakes amounting to less than 5% of the company, El Kalla reportedly said, without disclosing the other Gulf funds who bought in or the sizes of the stakes they hold. The PIF and other investors have accumulated shares on the open market.<\/p>\n

Owners:<\/strong> CIRA is 51.2% owned by Social Impact Capital \u2014 a vehicle belonging to the El Kalla family \u2014 with the remaining shares in freefloat, according to the company\u2019s website.<\/p>\n

REMEMBER- Gulf sovereign funds have pledged to invest bns of USDs in local firms this year <\/strong>as part of efforts to help shore up Egypt\u2019s external position. Qatar has pledged<\/a> to invest as much as USD 5 bn in Egyptian companies, while both the PIF and Abu Dhabi\u2019s ADQ made their entry to the EGX in recent months, investing bns of USD in a number of locally listed state- and privately-owned companies. The PIF is reportedly still eyeing stakes<\/a> in at least three high profile local firms. Gulf state neighbors have pledged over USD 22 bn<\/a> in total to support the economy amid the fallout from the crisis in Ukraine.<\/p>\n

GULF FIRMS WANT MARIDIVE UNIT-<\/strong><\/p>\n

Maridive Oil Services is mulling two separate bids from Gulf companies to acquire <\/strong>100% of its subsidiary <\/strong>Valentine Maritime<\/a><\/strong>, the company said in an EGX disclosure (pdf)<\/a>. The company is studying a takeover bid (pdf)<\/a> it received from Abu Dhabi\u2019s Ancla Marine Ship Management in October, as well as one from Saudi Arabia\u2019s Al Gihaz Holding. The company said it has \u201cyet to receive final financial details\u201d on the bids, without disclosing further details on the offers. Once all regulatory requirements and procedures are completed, the company will present the bids to the board, the statement said.<\/p>\n

About Valentine Maritime: <\/strong>The offshore subsidiary \u2014 which is 100% owned by Maridive \u2014 specializes in oil rig and chartering services, and currently operates in India and the Gulf.<\/p>\n

This isn\u2019t the first time one of Maridive\u2019s subsidiaries gets interest from Gulf players: <\/strong>The company was previously in talks with Jeddah-based Al Subaie Investment Group over the sale of its subsidiary Maridive Offshore Projects<\/a> for USD 48 mn \u2014 but talks ended<\/a> without an agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

More Gulf M&A: Separate firms in Saudi Arabia and Abu Dhabi look like they could enter a bidding war for a Maridive Oil and Service subsidiary, and Gulf investors including sovereign wealth funds have upped their minority stakes in EGX-listed education outfit CIRA Education. PIF & CO TAKE STAKE IN CIRA- Several Gulf-based funds \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":577061,"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":[6361,6360,402,73,93,72,7128,2840,91,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-al-gihaz-holding","tag-ancla-marine-ship-management","tag-cira-education","tag-education","tag-energy","tag-enterpriseam","tag-ma-watch","tag-maridive","tag-oil-and-gas","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"e00ca2f4-29f5-4553-bfe1-5ddf96cf7380","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/128.jpg","photo_position":"above","related_issue":[577052],"teaser":"","voice_url":""},"yoast_head":"\nMore Egyptian companies are getting attention from our friends in the Gulf - 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\/11\/08\/more-egyptian-companies-are-getting-attention-from-our-friends-in-the-gulf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More Egyptian companies are getting attention from our friends in the Gulf\" \/>\n<meta property=\"og:description\" content=\"More Gulf M&A: Separate firms in Saudi Arabia and Abu Dhabi look like they could enter a bidding war for a Maridive Oil and Service subsidiary, and Gulf investors including sovereign wealth funds have upped their minority stakes in EGX-listed education outfit CIRA Education. 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