The Clap
The Public Investment Fund (PIF) have shown their interest in acquiring significant stakes in Egypt Aluminum (EGAL) as well as a number of hotels which are to be entered into the stock market under one company.
The Deets
The revamp of Egypt Aluminum will come through a capital increase provided by the PIF.
In addition to that, pending approval for the 7 hotels to be merged under one umbrella, the PIF will acquire a 20% stake of the company and 10% is to be listed on the EGX.
The minister of Public Enterprise Hisham Tawfik added that the talks are still in the early stages and are still pending the merging of the hotels.
PIF showing some serious interest in Egyptian Companies 🇸🇦
