Saudi Investment Fund agrees to buy 25% of MOPCO – Egypt Today

Saudi Investment Fund agrees to buy 25% of MOPCO – Egypt Today

CAIRO - 9 August 2022: The Saudi Egyptian Investment Company, a subsidiary of the Saudi Public Investment Fund, agreed to buy 25 percent of the shares of the Misr Fertilizer Production Company (MOPCO) at a premium price of 25 percent over the stock price on the stock exchange, according to the Eastern Economy website which quoted a government official, who requested anonymity. The contracts will be signed and the deal executed today or tomorrow, the source added to Eastern Economy. Mobco's share ended trading on the Egyptian Stock Exchange (EGX), Monday, at LE 104.89, down 0.6 percent, bringing the company's market value to about LE 24 billion, while its capital is LE 2.291 billion, distributed among 229.117 million shares, with a nominal value of LE 10 per share. The Saudi sovereign fund will acquire stakes owned by the Ministry of Finance, the National Investment Bank, Gasco and Misr Life Insurance in the company. Last April, Abu Dhabi Holding acquired a 20 percent stake in MOPCO, for $266.5 million. According to Al Sharq, the Emirati company is currently in negotiations with the government to acquire an additional stake of about 10 to 15 percent in the Misr Fertilizer Production Company -