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.