RIYADH: The Saudi Egyptian Investment Co., a newly launched investment firm of the Kingdom’s Public Investment Fund, has agreed to buy 25 percent shares of Misr Fertilizer Production Co., Asharq reported citing an unnamed senior government official.
The transaction happened at a price premium of 25 percent over the market price of MOPCO on the stock exchange, the source added.
The official explained that “contracts are being signed,” and sources in the capital market told Asharq that the deal will be implemented “today or tomorrow on the Egyptian Stock Exchange.”
The PIF partnered with the Sovereign Fund of Egypt to launch SEIC which is set to attract investments worth $10 billion.
The deal will help Egyptian and Saudi private companies diversify their markets, and benefit from each other.
The fund will target several sectors such as financial services, agriculture, health, manufacturing, and pharmaceuticals.
This comes after Crown Prince Mohammed bin Salman announced the importance of investments in Egypt for the completion of the NEOM city project.
