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Wednesday, 27 April 2022

PIF subsidiary ups stake in EGX-listed Rameda + El Garhy buys Nat’l Glass and Crystal from ADIB Egypt

Saudi PIF subsidiary ups stake in Rameda: The Saudi Seventh Investment Company (SSIC) has purchased another 6.5% of Rameda Pharma, raising its total stake to 11.01%, the EGX announced (pdf) yesterday. SSIC, a subsidiary of the Public Investment Fund (PIF, KSA’s sovereign wealth fund), purchased 65 mn shares for EGP 135.2 mn on Thursday, less than two months after first investing in the company. SSIC purchased a 4.51% stake at the beginning of March as part of a block transaction with Rameda’s largest shareholder, Equinox, Rameda’s head of institutional investor relations, Yasmine Negm, confirmed to Enterprise. Negm declined to disclose who sold the shares.

PIF loves Egypt: SSIC’s latest share buy came after KSA and Egypt inked an agreement last month that would see the sovereign fund invest up to USD 10 bn in Egypt’s healthcare, education, agriculture and financial services sectors, part of a raft of support measures from our friends in the Gulf to help shore up Egypt’s fiscal position amid global volatility triggered by the war in Ukraine. As we noted yesterday, the Saudi cabinet and Shura Council have both signed off on the PIF ramping up investment here.

ADIB Egypt sells National Glass and Crystal Co. to El Garhy Steel

A subsidiary of El Garhy Steel has acquired a majority stake in the National Glass and Steel Co. from ADIB Egypt, according to a regulatory filing (pdf). Garhy Steel unit El Wehda Industrial Development bought around 13.3 mn shares at EGP 2.25 per share for a total of EGP 30 mn, Al Borsa reports, citing EGX trading data. ADIB announced plans to offload its 88.3% stake in the glassmaker earlier this year.

El Wehda upped its offer: El Wehda had submitted a mandatory tender offer to buy 100% of the National Company for Glass and Crystal at EGP 1.35 per share, before upping its offer in the face of competition. ADIB received an offer from another firm — identified by local media as Kandil Steel — of EGP 2.40 per share. The Emirati bank will make up the EGP 0.15 difference for any minority shareholders who wish to exercise their option to also sell their shares to El Garhy, it said.

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