The Clap According to sources, the Saudi Public Investment Fund acquired stakes in 4 different companies in the EGX for around $1.3 billion.
The Deets The companies are MOPCO (MFPC), eFinance (EFIH), Abu Qir (ABUK), and Alexandria Containers and Cargo Handling (ALCN).
The prices of each deal are as follows: -MOPCO: EGP 7.1 billion at EGP 123.9 per share -eFinance: EGP 7.5 billion at EGP 16.22 per share -Abu Qir: EGP 7.2 billion at EGP 29.07 per share -Alex Containers: EGP 3 billion at EGP 10.13 per share
Notable Sellers Sources say that NIB sold a 25% stake in eFinance. In addition to that, Al Ahly Capital, Misr Insurance, Misr Life Insurance, and the Industrial Development Authority exited from Abu Qir.
The most notable seller of Alexandria Containers was the Holding Company for Maritime and Land Transport, with a 20% stake.
In addition to that, the NIB and GASCO sold their stakes in MOPCO.
Why this Matters The acquisition represents more than ⅕ of FDI in Egypt for 2020-2021. Analysts believe that these acquisitions send a positive signal regarding the market, as these deals are considered long-term investments.