CAIRO – August 21, 2022: The Egyptian Media Production City Company (EMPC) and the Misr Aluminum Company have each commented on what has been published about the Saudi Public Investment Fund’s intention to invest there.

The EMPC said in a filing on the Egyptian Stock Exchange (EGX) on Sunday that it had no information regarding the news.

This came as a blowback to news broadcasts that the Saudi Egyptian Investment Company, an affiliate of the Saudi Sovereign Wealth Fund, was to buy a minority stake of between 10-25% of EMPC shares through the high-volume transaction mechanism. ladder. on the EGX, as part of the fund’s trend to expand in a number of deals and acquisitions in the Egyptian market.

This news was reflected in the company’s stock rising 10% in Sunday’s session, causing EGX to halt trading in the stock for 10 minutes.

Egyptian Media Production City’s share price rose 11.24% after 1:25 a.m. Sunday trading, hitting the 5.64 LE level.

The National Media Authority holds 45.28% of the shares in the capital of EMPC, while the National Investment Bank holds an estimated 18.78% share, while the National Bank of Egypt holds 5% .

As for the Misr Aluminum Company, it issued a comment on what was published on the intention of the Saudi sovereign wealth fund to participate in the capital increase.

The company indicated in a press release that a capital increase is being studied and proposed to a strategic investor to finance the development of the company and maintain the current production capacity at a rate of 320,000 tons per year.

Hisham Tawfik, the former business sector minister, said earlier that the ministry was offering a 20-25% stake in Misr Aluminum Company to a strategic Gulf investor.

Misr Aluminum Company’s share price rose 2.41% after 1:25 a.m. Sunday trading, hitting the 17.82 LE level.

It should be noted that the Egyptian Media Production City Company made a net profit of LE 104.27 million during the period from January to the end of June last year, compared to LE 78.45 million profit during the same period in 2021.

Misr Aluminum recorded a net profit of LE 2.4 billion in the period July 2021 to June 2022, compared to profits of LE 28.27 million in the comparable fiscal year.

Earlier, the Sovereign Wealth Fund of Egypt (TSFE) on Wednesday announced the completion of the acquisition by Saudi Egyptian Investment Company, wholly owned by the Public Investment Fund (PIF), of state-owned minority stakes in four major Egyptian companies listed on the Egyptian Stock Exchange. Scholarship, for a value of 1.3 billion dollars.

The companies are Abu Qir Fertilizers Co., Misr Fertilizers Production Company (MOPCO), Alexandria Containers and Cargo Handling Co. and e-finance.