The Clap
The Saudi Public Investment Fund (PIF) is planning to acquire a minority stake in the Egyptian Media Production City (MPRC) in addition to a capital increase in Egyptalum (EGAL), according to sources.
The Deets
The PIF is looking at a 10% – 25% stake in the MPRC. Sources also confirmed that the PIF is studying investing in Egyptalum as a strategic investor to develop the company by buying a minority stake in the company.
Both deals are expected to be finalized within this year.
Company’s Reactions
The MPRC sent a statement to the EGX stating that it is not negotiating with any entity at the moment and has not received any acquisition offer.
Egyptalum, however, has stated that they are studying the possibility of a capital increase and is looking for a strategic investor to finance the increase.
Why this Matters
The PIF is not done after the latest acquisitions in which they bought stakes in a few of the biggest companies in the EGX.
More companies on KSA’s sovereign fund’s radar? 👀
