{"id":606696,"date":"2023-09-20T00:00:00","date_gmt":"2023-09-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/saudi-wealth-fund-to-up-its-stake-in-e-finance\/"},"modified":"2023-09-20T00:00:00","modified_gmt":"2023-09-20T00:00:00","slug":"saudi-wealth-fund-to-up-its-stake-in-e-finance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/20\/saudi-wealth-fund-to-up-its-stake-in-e-finance\/","title":{"rendered":"Saudi wealth fund to up its stake in e-Finance"},"content":{"rendered":"

The Saudis are upping their stake in e-Finance: <\/strong> 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<\/a> reported yesterday, citing people familiar with the matter.<\/p>\n

Refresher: <\/strong> The Saudi wealth fund acquired 25% of the company<\/a> 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.<\/p>\n

A gradual process: <\/strong> 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)<\/a>.<\/p>\n

Now, they must tell us their plan for e-Finance: <\/strong> With SEIC\u2019s ownership now exceeding the 25% mark, it is obliged to disclose its investment plan in the fintech company, according to the sources.<\/p>\n

e-Finance to enter Saudi: <\/strong> The fintech player said in a statement in April that it has inked a<\/a> MoU<\/a> with Saudi Arabia\u2019s Thiqah Business Services to provide digital solutions and e-payments services in Saudi Arabia and Egypt, a partnership that marks e-Finance\u2019s entry into the Saudi market. Asharq Business<\/a> reported in May that the company is expected to launch its operations in 3Q 2023.<\/p>\n

Market reax: <\/strong>e-Finance shares closed 0.3% higher yesterday at EGP 17.85 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

e-Finance is looking to float 900k treasury shares<\/p>\n","protected":false},"author":1,"featured_media":606697,"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":[339,6681,72,183,7128,7345,219,2216,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-e-finance","tag-egypt-saudi-relations","tag-enterpriseam","tag-fintech","tag-ma-watch","tag-public-investment-fund","tag-saudi-arabia","tag-saudi-egyptian-investment-company","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"1c267f91-82f0-44f9-9d15-b9cca13380d2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1268.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi-Egyptian Investment wants additional 3% stake in e-Finance","related_issue":[606689],"teaser":"e-Finance is looking to float 900k treasury shares","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.1e57dffa-23ef-4f92-904e-aa6dc8e8cedf.mp3"},"yoast_head":"\nSaudi wealth fund to up its stake in e-Finance - 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The Public Investment Fund (PIF) will purchase 25% of the company through its\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\/8\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548514,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/","url_meta":{"origin":606696,"position":1},"title":"The Saudis have arrived","author":"enterpriseam admin","date":"11 August 2022","format":false,"excerpt":"The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed companies for USD 1.3 bn yesterday, the Planning Ministry said in a statement. The Saudi Egyptian Investment Company (SEIC), the newly-established Egypt investment arm of the Public Investment Fund, purchased shares in Misr Fertilizers Production Company (Mopco), Abu Qir\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\/8\/212.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610317,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/19\/japans-mitsui-invests-in-wadi-poultry-pif-ups-stake-in-e-finance\/","url_meta":{"origin":606696,"position":2},"title":"Japan\u2019s Mitsui invests in Wadi Poultry + PIF ups stake in e-Finance","author":"enterpriseam admin","date":"19 November 2023","format":false,"excerpt":"Wadi will harness the partnership to grow at home and abroad","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\/2023\/11\/952.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548635,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/e-finance-to-provide-financial-services-to-the-saudi-wealth-funds-egypt-arm\/","url_meta":{"origin":606696,"position":3},"title":"e-Finance to provide financial services to the Saudi wealth fund\u2019s Egypt arm","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"e-Finance is working with the PIF: e-Finance will provide financial and digital services to the Saudi sovereign wealth fund\u2019s new Egypt investment arm, Chairman Ibrahim Sarhan told Bloomberg Asharq yesterday (watch, runtime 7:35).The PIF now owns a chunk of the state-owned fintech player: The Saudi Egyptian Investment Company (SEIC), set\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":606696,"position":4},"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":[]},{"id":549304,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/the-public-investment-what\/","url_meta":{"origin":606696,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606696","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=606696"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606696\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606697"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606696"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606696"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}