Saudi’s Sovereign Wealth Fund to acquire 25% of Mopco

Saudi’s Sovereign Wealth Fund to acquire 25% of Mopco

The Saudi Public Investment Fund, announces the acquisition of 25% of Misr Fertilizers Production Company (MOPCO).

The 25% purhcase deal will be the first to be done by the Saudi Public Investment Fund subsidary, Saudi Egyptian Investment Company (SEIC), which was launched only a few days ago with the aim of making investments in promising sectors in Egypt.

Governmental entities will be exiting Mopco as part of the deal, such as The Finance Ministry, Egyptian Natural Gas Company and The National Investment Bank.

The annonymous senior governmental official who announced the news revealed that “the contracts are being signed”, with the deal to be reflected by today or tomorrow on the Egyptian Stock Exchange.

It is worth mentioning that Mopco previously attracted multiple investors such as Abu Dhabi wealth fund ADQ which purchased a $266m 20% stake in Mopco earlier in April.

This SEIC deal is part of Saudi Arabia announced its intentions to lead $30 billion worth of investments in Egypt following a visit by Crown Prince Mohammed bin Salman.

Read more: PIF launches Saudi Egyptian Investment Company to boost Egypt investments

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