2023-09-19 12:56:58
The Saudi Egyptian Investment Company began raising its stake in e-Finance for Financial and Digital Investments, one of the largest electronic payments companies in Egypt, yesterday, Monday, and will continue the increase process until its possession reaches regarding 28% of the company’s shares, according to people familiar with the financial market. They spoke to “Eqtisad Al-Sharq”.
Saudi Egyptian Investment Company sent a letter today to the Cairo Stock Exchange in which it announced the increase of its stake in e-Finance to regarding 25.02%. Stressing that the investment plan will not negatively affect the management of the Egyptian company or harm the interests of its clients.
Last year, the Saudi Egyptian Investment Company, the arm of the Public Investment Fund in Egypt, acquired regarding 24.9% of the shares of “e-Finance”, which was founded in 2005. It specializes in developing and managing the technological infrastructure for financial and digital transactions, and is responsible for the financial network of the Egyptian government.
One of the knowledgeable people indicated to “Eqtisad Al-Sharq” that “Saudi Egyptian Investment Company”, by exceeding 25% yesterday, is required to announce its investment plan towards the financial technology company.
eFinance did not respond to a request from East Economy for comment.
Egyptian “e-Finance” plans to expand abroad with the Saudi sovereign fund
The company announced to the Egyptian Stock Exchange, today, Tuesday, that it will sell 900,000 treasury shares in the market starting from September 18 until June 7, 2024.
“eFinance” provides electronic payment system solutions to a number of ministries and government agencies, including the Ministry of Social Solidarity, Petroleum, Finance, Tourism, Justice, Communications and Information Technology, Planning and Economic Development, Military Production and Investment, and the Interior, as well as the Customs Authority and the National Authority for Social Insurance. And other governmental and private agencies.
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