Saudi Egyptian Investment Company Acquires More Stakes in E-Finance

The Saudi Egyptian Investment Company (SEIC), the financial investment arm of the Kingdom of Saudi Arabia's Public Investment Fund (PIF), recently acquired additional stakes in e-Finance for Digital and Financial Investments. The purchased stocks amount to an increase in SEIC's stake in the FinTech from 25% to 28%, according to a stock market statement. SEIC aims to purchase stocks gradually until it achieves its desired stake, instead of a bulk purchase. With its stake surpassing 25%, SEIC will now share its investment plans for the company. The SEIC initially acquired a 25% stake in e-Finance last year, becoming the single-largest shareholder and gaining 2 board seats. The acquisition, which cost LE 7.5 billion, was part of a wider $1.3 billion investment in the shares of EGX-listed companies. As SEIC positions itself for international expansion, particularly in Egypt, it seeks to drive growth in key business areas and support ESG initiatives. Meanwhile, e-Finance recorded a significant growth in its standalone net profit, collecting LE 390.22 million compared to the previous LE 221.21 million in the first half of 2023, indicating a year-on-year growth of 76%. This increased profit is a clear indication of the company's consistent and substantial growth.