“There are no negotiations, either from near or far, regarding selling a share of Egyptian Company for Media Production City to the Saudi Sovereign Fund,” according to the company’s chairman, Abdel Fattah Al-Jabali, to Al-Sharq.
Al-Jabali’s statements come in the wake of local reports regarding the direction of the “Saudi Egyptian Investment Company”, which was launched by the Saudi Public Investment Fund on August 5, to invest in “media production” shares.
Two sources familiar with the Saudi sovereign fund’s investments in Egypt told Al-Sharq that the fund’s managers had not informed them of any interest in acquiring a stake in the Media Production City listed on the Egyptian Stock Exchange.
The Egyptian Company for Media Production City was established in 1997, and the company’s shares were listed on the Stock Exchange on September 26, 1999. By 09:13 GMT on Sunday, the company’s share was trading at EGP 5.57, up 10%.
The Saudi sovereign fund acquires stakes in 4 Egyptian companies for $1.3 billion
The National Media Authority owns 45.3% of the company’s shares, the National Investment Bank 18.8%, the National Bank of Egypt 5%, and Banque Misr 4%.
The company’s net profit in the second quarter of this year rose slightly to 53.8 million pounds, from regarding 53 million pounds for the same quarter a year ago. Revenues increased to 159.5 million pounds from 155.5 million pounds a year ago.
Companies listed on the Egyptian Stock Exchange have recently received offers to acquire them, whether from Egyptian or Gulf companies, amid the clear decline in market share values.
