CAIRO - 21 August 2022: The Egyptian Media Production City Company (EMPC) and Misr Aluminum Company each issued a comment regarding what was published about the intention of the Saudi Public Investment Fund to invest in them.
The EMPC said in a filing to the Egyptian Stock Exchange (EGX), Sunday, that it does not have any information regarding this piece of news.
This came as a feedback on the news circulated stating that the Saudi Egyptian Investment Company, affiliated with the Saudi Sovereign Fund, was going to buy a minority stake ranging between 10-25 percent of the shares of the EMPC through the large-scale deal mechanism on the EGX, within the framework of the fund’s tendency to expand in a number of deals and acquisitions in the Egyptian market.
This piece of news was reflected on the share of the company which hiked by 10 percent during Sunday's session, which made the EGX to suspend trading on the share for 10 minutes.
The share price of the Egyptian Media Production City increased by 11.24 percent after 1.25 hours of Sunday’s session, reaching the level of LE 5.64.
The National Media Authority owns 45.28 percent of the shares in the capital of the EMPC, while the National Investment Bank owns an estimated share of 18.78 percent, while the National Bank of Egypt owns 5 percent.
As for the Misr Aluminum Company, it issued a comment regarding what was published about the Saudi sovereign fund's intention to participate in the capital increase.
The company said in a statement that a capital increase is being studied and offered to a strategic investor to finance the development of the company and maintain the current production capacity at a rate of 320,000 tons annually.
Hisham Tawfik, the former Minister of the Business Sector, said previously that the ministry is offering a stake between 20 to 25 percent of the Misr Aluminum Company to a strategic Gulf investor.
The share price of the Misr Aluminum Company increased by 2.41 percent after 1.25 hours of Sunday’s session, reaching the level of LE 17.82.
It is noteworthy that the Egyptian Media Production City Company achieved a net profit of LE 104.27 million during the period from January to the end of last June, compared to LE 78.45 million in profits during the same period in 2021.
Misr Aluminum recorded a net profit of LE 2.4 billion during the period from July 2021 to June 2022, compared to profits of LE 28.27 million in the comparable fiscal year.
Earlier, the Sovereign Fund of Egypt (TSFE) announced Wednesday the completion of the acquisition of the Saudi Egyptian Investment Company, wholly owned by the Public Investment Fund (PIF), of state-owned minority stakes in four leading Egyptian companies listed on the Egyptian Stock Exchange, at a value of $1.3 billion.
The companies are Abu Qir Fertilizers Co., Misr Fertilizers Production Company (MOPCO), Alexandria Containers and Cargo Handling Co., and e-finance.
Sun, Aug. 21, 2022
