More Gulf M&A: Separate firms in Saudi Arabia and Abu Dhabi look like they could enter a bidding war for a Maridive Oil and Service subsidiary, and Gulf investors including sovereign wealth funds have upped their minority stakes in EGX-listed education outfit CIRA Education.

PIF & CO TAKE STAKE IN CIRA-

Several Gulf-based funds — including Saudi Arabia’s Public Investment Fund — now own 15% of EGX-listed CIRA Education, Al Mal quotes CEO Mohamed El Kalla as saying. PIF has bought stakes amounting to less than 5% of the company, El Kalla reportedly said, without disclosing the other Gulf funds who bought in or the sizes of the stakes they hold. The PIF and other investors have accumulated shares on the open market.

Owners: CIRA is 51.2% owned by Social Impact Capital — a vehicle belonging to the El Kalla family — with the remaining shares in freefloat, according to the company’s website.

REMEMBER- Gulf sovereign funds have pledged to invest bns of USDs in local firms this year as part of efforts to help shore up Egypt’s external position. Qatar has pledged to invest as much as USD 5 bn in Egyptian companies, while both the PIF and Abu Dhabi’s ADQ made their entry to the EGX in recent months, investing bns of USD in a number of locally listed state- and privately-owned companies. The PIF is reportedly still eyeing stakes in at least three high profile local firms. Gulf state neighbors have pledged over USD 22 bn in total to support the economy amid the fallout from the crisis in Ukraine.

GULF FIRMS WANT MARIDIVE UNIT-

Maridive Oil Services is mulling two separate bids from Gulf companies to acquire 100% of its subsidiary Valentine Maritime, the company said in an EGX disclosure (pdf). The company is studying a takeover bid (pdf) it received from Abu Dhabi’s Ancla Marine Ship Management in October, as well as one from Saudi Arabia’s Al Gihaz Holding. The company said it has “yet to receive final financial details” on the bids, without disclosing further details on the offers. Once all regulatory requirements and procedures are completed, the company will present the bids to the board, the statement said.

About Valentine Maritime: The offshore subsidiary — which is 100% owned by Maridive — specializes in oil rig and chartering services, and currently operates in India and the Gulf.

This isn’t the first time one of Maridive’s subsidiaries gets interest from Gulf players: The company was previously in talks with Jeddah-based Al Subaie Investment Group over the sale of its subsidiary Maridive Offshore Projects for USD 48 mn — but talks ended without an agreement.