EMPC, Misr Aluminum comment on Saudi Investment Fund’s intention to participate in them – Egypt Today

EMPC, Misr Aluminum comment on Saudi Investment Fund’s intention to participate in them – Egypt Today

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