Riyadh, Saudi Arabia — Ibrahim Sarhan, the Chairman and Managing Director of e-Finance for Digital & Financial Investments based in Egypt, has disclosed that Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has submitted an application to the Egyptian Financial Regulatory Authority (FRA) seeking to boost its ownership in the company by nearly 2 percent.
This move comes after PIF’s recent buy orders for the stake purchase, indicating the fund’s confidence in e-Finance and its favorable financial results, Argaam reported.
Sarhan, speaking to Al-Arabiya TV, highlighted the positive sentiment surrounding the company as PIF expresses its trust in the financial services provider, Argaam reported.
e-Finance expanded its operations by opening an office in Saudi Arabia this month, securing essential licenses with the support of PIF as a major shareholder.
Sarhan hinted at an upcoming announcement regarding a strategic partner in the e-payments sector in Saudi Arabia. He emphasized the robust growth rates in the Saudi market, signaling promising prospects for e-Finance.
This move by PIF follows the acquisition spree by its wholly-owned subsidiary, Saudi Egyptian Investment Co. (SEIC), in August 2022.
SEIC acquired minority stakes in four companies listed on the Egyptian Exchange (EGX), including e-Finance, according to Argaam. Currently, PIF holds a significant 25 percent ownership in e-Finance through SEIC, reinforcing its commitment to the company’s future endeavors.
