{"id":619644,"date":"2024-05-08T00:00:00","date_gmt":"2024-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/pif-returns-to-market-in-first-post-float-investment-aims-to-take-cira-education-private-in-partnership-with-founders\/"},"modified":"2024-05-08T00:00:00","modified_gmt":"2024-05-08T00:00:00","slug":"pif-returns-to-market-in-first-post-float-investment-aims-to-take-cira-education-private-in-partnership-with-founders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/pif-returns-to-market-in-first-post-float-investment-aims-to-take-cira-education-private-in-partnership-with-founders\/","title":{"rendered":"PIF returns to market in first post-float investment, aims to take CIRA Education private in partnership with founders"},"content":{"rendered":"

Egypt\u2019s leading private education company could delist from the EGX and become the <\/strong>regional education platform of Saudi Arabia\u2019s sovereign wealth fund. <\/strong>The transaction is the first investment by the Saudi Egyptian Investment Company (SEIC) since the float of the EGP. SEIC is a unit of the Public Investment Fund.<\/p>\n

What\u2019s the transaction? <\/strong>SEIC, a wholly-owned PIF subsidiary, will buy into Social Impact Capital (SIC), the vehicle through which the founding El Kalla family holds a controlling take in EGX-listed CIRA Education, the nation\u2019s leading private-sector education company. SIC will use the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each, the two companies said in a joint statement (pdf)<\/a>.<\/p>\n

CIRA shares closed up 9.8% yesterday at EGP 14.00<\/strong>, giving the company a market cap of a bit under EGP 8.2 bn, by our math. <\/p>\n

SIC will look to take 75-100% of CIRA <\/strong>and to delist it from the EGX. CIRA is 51.2% owned by SIC with the remaining shares in freefloat, according to the company\u2019s website. The Kallas will remain invested in CIRA, we\u2019re told, and our friend Mohamed El-Kalla is staying on as CEO<\/strong> to lead the company\u2019s regional growth. <\/p>\n

We\u2019ve seen this movie before: <\/strong>PIF has a proven track record of turning national players into regional champions, with the global growth of born-in-Egypt driller Ades Holding being a case in point. Since acquiring Ades and taking it private<\/a>, PIF has helped Ades land contracts in Saudi Arabia and new markets, refine its strategy, and go public again on KSA\u2019s Tadawul<\/a>. <\/p>\n

Faster when private? <\/strong>A source close to the transaction tells us that given the \u201crestructuring, licensing, and re-gearing needed to pursue a regional growth strategy it just makes sense.\u201d CIRA has itself delisted from EGX before and re-listed<\/a> after growing<\/a>. <\/p>\n

It\u2019s also a test of how investment-friendly we want to be. <\/strong>The transactions will require a range of regulatory approvals, providing investors with a highly visibly test case of officials\u2019 willingness to fast-track things after the float of the EGP, which cleared the foreign currency overhang that had prevented a number of high-profile strategic and financial investors from pulling the trigger investments here. <\/p>\n

The PIF has already deployed substantial capital in Egypt: <\/strong>The fund \u2014 which ranked<\/a> as the world\u2019s highest-spending sovereign wealth fund in 2023 \u2014 invested<\/a> over USD 1.3 bn via SEIC to acquire stakes in state-held EGX-listed companies in 2022. Its holdings here include a 25% stake in Mopco, a 19.82% stake in Abu Qir Fertilizers, a 27% stake in E-finance<\/a>, and a 20% stake in Alexandria Container and Cargo Handling.<\/p>\n

The SIC-CIRA transaction was nearly two-years in the making<\/strong>, a source with first-hand knowledge of events tells us, but it took the float of the EGP this spring and CIRA\u2019s clear ambition to become a regional player in education to bring it home. PIF is known to be exceptionally rigorous in its investment decision making process, employing top advisors to make certain that it invests only in companies with clear growth prospects that fit the fund\u2019s mandate to grow Saudi and regional champions.<\/p>\n

The fine print: <\/strong>\u201cThe conditional agreement between SIC and SEIC is subject to due diligence, applicable regulatory approvals, and the execution of definitive agreements\u201d before the two sides move ahead with the mandatory tender offer for CIRA shares, they said.<\/p>\n

ADVISORS- <\/strong>Rothschild & Co is advising PIF, with Allen & Overy and our friends at Matouk Bassiouny doing legal duties. Our friends at EFG Hermes are advising El Kalla family, while White & Case is legal counsel, we\u2019re told.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIRA will become PIF\u2019s regional education champion, looking to grow in Egypt and beyond<\/p>\n","protected":false},"author":1,"featured_media":619645,"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":[402,72,7128,7345,219,2216,8573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cira-education","tag-enterpriseam","tag-ma-watch","tag-public-investment-fund","tag-saudi-arabia","tag-saudi-egyptian-investment-company","tag-social-impact-capital","wpautop","entry"],"acf":{"mongo_id":"5a82c702-10eb-4631-b5ba-77ad9f1a1781","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2032.jpg","photo_position":"above","homepage_title":"PIF eye educators, CIRA for regional growth","full_issue_title":"PIF subsidiary join up with CIRA Education\u2019s majority shareholder to acquire up to 100% of the company","related_issue":[619639],"teaser":"CIRA will become PIF\u2019s regional education champion, looking to grow in Egypt and beyond","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.85371c62-cb29-413d-94ed-eca6bf488adc.mp3"},"yoast_head":"\nPIF returns to market in first post-float investment, aims to take CIRA Education private in partnership with founders - 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\/2024\/05\/08\/pif-returns-to-market-in-first-post-float-investment-aims-to-take-cira-education-private-in-partnership-with-founders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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The Saudi Egyptian Investment Company (SEIC) will act as\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\/8\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619995,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/14\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans-plus-news-from-tmg-cleopatra-and-bokra\/","url_meta":{"origin":619644,"position":2},"title":"SEIC to conduct due diligence on CIRA ahead of acquisition plans. PLUS: News from TMG, Cleopatra, and Bokra","author":"enterpriseam admin","date":"14 May 2024","format":false,"excerpt":"Baker Tilly will act as the transation\u2019s financial advisor and prepare a fair value study for CIRA\u2019s shares","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\/2024\/5\/948.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":619644,"position":3},"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":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":619644,"position":4},"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":619615,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/this-evening-sic-is-raising-its-stake-in-cira-education-with-seic-backing\/","url_meta":{"origin":619644,"position":5},"title":"THIS EVENING: SIC is raising its stake in CIRA Education with SEIC backing","author":"enterpriseam admin","date":"7 May 2024","format":false,"excerpt":"Good afternoon, ladies and gents, and happy hump day. We\u2019re punctuating the halfway point of the week with big news for CIRA Education, the private sector education services provider: THE BIG STORY TODAY CIRA Education majority owner to raise its stake with backing from PIF\u2019s SEIC: Saudi Egyptian Investment Company\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/396.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\/619644","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=619644"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619644\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619645"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619644"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619644"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}