The Saudi Egyptian Investment Company announced it increased its stake in e-finance for Digital and Financial Investments to 25.01%, according to the Egyptian Exchange.
The Saudi Egyptian Company was established in August 2022 to invest in potential sectors in the Egyptian market and boost access to the PIF to investment opportunities in Egypt.
Egypt and Saudi Arabia have signed investment agreements worth $7.7 billion in June 2022. The company acquired an equity in e-finance amounting to nearly 0.01% in the EGX-listed firm’s issued share capital on 18 September 2023.
The company also added that the transaction will not have any change regarding the management and the interests of e-finance’s customers.
Saudi Egyptian Investment aims to drive growth in key business areas, enhance efficiencies, and back environmental, social, and governance (ESG) initiatives. This acquisition aligns with the company’s goals to expand its international presence, particularly in Egypt.
The board members of e-finance approved plans, last May, to establish a branch in Saudi Arabia during the second half (H2) of 2023.
eFinance was listed on the Egyptian Exchange in 2021 after the company had proven its position and taken the lead in Egypt’s efforts to develop a cashless, digitally enabled economy. The company enabled digitization in activities for many sectors including banking, taxation, utility and retail transactions, customs collection, and card management.
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