{"id":577575,"date":"2022-11-28T03:41:25","date_gmt":"2022-11-28T03:41:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/"},"modified":"2022-11-28T03:41:25","modified_gmt":"2022-11-28T03:41:25","slug":"does-pif-want-more-of-eipico","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/","title":{"rendered":"Does PIF want more of EIPICO?"},"content":{"rendered":"

Among the other stories we\u2019re paying attention to this morning:<\/strong><\/p>\n

PHARMA-<\/strong><\/p>\n

<\/a> EIPICO says it hasn\u2019t been formally told Saudi\u2019s PIF wants to up its stake: <\/strong>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 up its stake in the drugmaker. His remarks came after Al Mal<\/a>, citing sources it says have knowledge of the transaction, reported that the PIF is looking to acquire an additional stake in the EGX-listed company by subscribing to a capital increase worth nearly EGP 149 mn. The capital increase would put an additional 15% stake up for grabs.<\/p>\n

BACKGROUND- <\/strong>PIF acquired a 4.7% stake<\/a> in EIPICO last month for more than EGP 140 mn via its newly-established Egypt investment arm<\/a>.<\/p>\n

KEEPING IT ALL STRAIGHT-<\/strong> Since setting up the Saudi Egyptian Investment Company in August, the PIF has acquired<\/a> sizeable stakes in several companies and been linked to a number of others in the domestic press, including the Alexandria Mineral Oil Company<\/a>, EgyptAlum<\/a>, and Egyptian Media Production City<\/a>. The investment drive is part of a USD 22 bn package of financial support offered by Gulf allies to help Egypt\u2019s economy through the economic crisis sparked by the war in Ukraine.<\/p>\n

INVESTMENT-<\/strong><\/p>\n

SFE likes Chinese FDI:<\/strong> The Sovereign Fund of Egypt (SFE) wants to attract Chinese investors to projects in the Suez Canal corridor and in key economic sectors including renewable energy, desalination, and petrochemicals, Al Shorouk<\/a> reports the fund\u2019s CEO Ayman Soliman as telling reporters at an Egyptian-Chinese business event.<\/p>\n

The Emigration Ministry next year plans to set up a firm through which Egyptian expats <\/strong>can invest in local projects<\/strong>, Emigration Minister Soha Gendy told Bloomberg Asharq<\/a>. The ministry plans to list the company on the EGX, allowing expats to buy stakes or invest privately, Gendy said, without specifying the types of projects the company will help fund, or its initial and targeted capital.<\/p>\n

REAL ESTATE-<\/strong><\/p>\n

Saudi Arabia\u2019s Sumou eyes an entry to our real estate market: <\/strong>Saudi real estate firm Sumou Holding<\/a><\/strong> wants to acquire a 49% stake in the Egyptians for Real Estate Investment Fund<\/a> from Egyptians for Housing and Development<\/a>for EGP 29.2 mn, CEO Hashem El Sayed told Enterprise, following a bourse filing<\/a> on Thursday. Egyptians for Housing and Development currently holds a 75.5% stake in the fund, El Sayed said, and plans to form a strategic partnership with Sumou to help it tap into the local market.<\/p>\n

Dubai-based real estate investment platform <\/strong>Stake<\/a><\/strong> will launch in the local marke<\/strong>t next year<\/strong>, with operations slated to begin in El Gouna, the fintech\u2019s co-founder and CEO said at the Forbes Under 30 summit, according to Hapi Journal<\/a>.<\/p>\n

FINANCIAL SERVICES-<\/strong><\/p>\n

Mobile network operator Orange has landed a consumer finance license <\/strong>from the Financial Regulatory Authority. The FRA decision (pdf)<\/a> does not specify what new financial services or product Orange plans to bring to market.<\/p>\n

Egyptian fintech startup <\/strong>MoneyFellows<\/a><\/strong> plans to close a USD 10 mn funding round <\/strong>in Q1 2023<\/strong>, CEO and founder Ahmed Wadi reportedly told Al Borsa<\/a>.<\/p>\n

BANKING- <\/strong><\/p>\n

ADIB rolls out prepaid card:<\/strong> Abu Dhabi Islamic Bank (ADIB) will begin offering its new prepaid card, Takka, after getting approval from the Central Bank of Egypt, according to a CBE statement<\/a>. ADIB will roll out the card, which is Sharia-compliant, through subsidiary Abu Dhabi Islamic Consumer Finance (ADI-CF).<\/p>\n

TOURISM- <\/strong><\/p>\n

The Health Ministry will appoint an official to a full-time role leading its efforts to <\/strong>boost health tourism,<\/strong> PM Moustafa Madbouly said, according to a cabinet statement<\/a>. The official will report directly to the Health Minister, with oversight from the PM.<\/p>\n

TECH-<\/strong><\/p>\n

Telecom Egypt <\/strong>inked a cooperation agreement with SAP partner <\/strong>Cloud4C<\/a><\/strong> to set up a cloud data center<\/strong>, according to a cabinet statement<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 up its stake in […]<\/p>\n","protected":false},"author":1,"featured_media":577576,"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":[7209],"tags":[111,204,487,72,125,595,427,1389,83,6416,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-eipico","tag-enterpriseam","tag-investment-watch","tag-non-banking-financial-services","tag-pharma","tag-pif","tag-real-estate","tag-sumou","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"26a54121-e223-448a-ad92-6a04d886fd8d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/451.jpg","photo_position":"above","related_issue":[577558],"teaser":"","voice_url":""},"yoast_head":"\nDoes PIF want more of EIPICO? - 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\/28\/does-pif-want-more-of-eipico\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does PIF want more of EIPICO?\" \/>\n<meta property=\"og:description\" content=\"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 up its stake in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-28T03:41:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Does PIF want more of EIPICO?\",\"datePublished\":\"2022-11-28T03:41:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\"},\"wordCount\":632,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/451.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"banking\",\"Eipico\",\"EnterpriseAM\",\"investment watch\",\"non-banking financial services\",\"pharma\",\"PIF\",\"real estate\",\"Sumou\",\"tourism\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/does-pif-want-more-of-eipico\/\",\"name\":\"Does PIF want more of EIPICO? 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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":588703,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/the-qataris-are-looking-at-our-hotels-report\/","url_meta":{"origin":577575,"position":1},"title":"The Qataris are looking at our hotels -report","author":"enterpriseam admin","date":"15 June 2023","format":false,"excerpt":"The fund is in talks with the Sovereign Fund of Egypt to acquire up to 30% of the hotels, according to sources","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/741.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591940,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/22\/eipico-acquires-a-10-stake-in-medical-union\/","url_meta":{"origin":577575,"position":2},"title":"Eipico acquires a 10% stake in Medical Union","author":"enterpriseam admin","date":"22 December 2019","format":false,"excerpt":"M&A WATCH- Eipico acquires a 10% stake in Medical Union: Pharma player Eipicohas acquired a 10% stake in Medical Union Pharma for EGP 210 mn, sources close to the matter tell Al Mal. The company bought 4.8 mn shares that were previously owned by Egyleaseas part of its exit from\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":596530,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/eipico-board-approves-acquisition-of-9-77-stake-in-medical-union-pharma\/","url_meta":{"origin":577575,"position":3},"title":"Eipico board approves acquisition of 9.77% stake in Medical Union Pharma","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"M&A WATCH- Eipico looking to acquire 9.77% stake in Medical Union: Pharma player Eipico\u2019s board of directors has agreed to acquire a 9.77% stake in Medical Union Pharma (MUP) for over EGP 200 mn, sources told the local press. The stake belongs to Egylease, which is looking to increase 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548069,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/eipico-waiting-on-up-pharma-dd-clearance-agthia-hasnt-yet-submitted-a-bid-to-acquire-obourland\/","url_meta":{"origin":577575,"position":4},"title":"EIPICO waiting on UP Pharma DD clearance + Agthia hasn\u2019t (yet?) submitted a bid to acquire Obourland","author":"enterpriseam admin","date":"25 July 2022","format":false,"excerpt":"UP Pharma is still studying EIPICO\u2019s takeover bid: Upper Egypt Pharma (UPPharma) has not yet given Egyptian International Pharma Industries Company (EIPICO) the greenlight to conduct due diligence after it signaled intent to acquire 99.99% of the company\u2019s shares in May, EIPICO said in an EGX disclosure (pdf). UP Pharma\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\/7\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546730,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/qatari-dairy-outfit-baladna-ups-its-stake-in-juhayna\/","url_meta":{"origin":577575,"position":5},"title":"Qatari dairy outfit Baladna ups its stake in Juhayna","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"Baladna buys more JUFO shares: Qatari dairy firm Baladna raised its stake in EGX-listed dairy company Juhayna to 10.14% from 9.99% in a EGP 12.4 mn transaction, according to a disclosure (pdf) to the EGX yesterday. The firm bought a total of 1.4 mn shares in Juhayna, at an average\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\/347.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\/577575","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=577575"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577575\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577576"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577575"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577575"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}