The Clap
After acquiring a 4.7% stake in EIPICO (PHAR), the Saudi Public Investment Fund (PIF) is considering growing its stake in the company even further by subscribing to the upcoming capital increase, according to Al Mal.
What
The PIF’s decision to grow its stake in EIPICO comes in the midst of a possibility that EIPICO shareholders will sell their subscription rights rather than keep hold of them.
So What
Sources say that EIPICO shareholders may sell their subscription rights as EIPICO’s fair value may be higher than its market value of EGP 33.5 as of yesterday’s session.
Now What
The Saudi PIF is studying other acquisition opportunities in different sectors such as education and health.
