PIF is close to acquiring a stake in the Egyptian “Mobco”

Sources confirmed to CNBC Arabia that the Saudi Public Investment Fund is close to completing the acquisition of a government-owned stake in the Misr Fertilizer Production Company (MOPCO).

This deal comes about four months after the Abu Dhabi Sovereign Fund acquired a 20% stake in MOPCO, at a value of $266 million.

The sources indicated to CNBC Arabia that the National Investment Bank may sell its entire stake in MOPCO, which amounts to about 12%, to the Saudi Public Investment Fund (PIF) as part of the deal that will include other shares to government agencies, including the Egyptian Ministry of Finance.

The shareholder structure of MOPCO is divided between the Egyptian Petrochemical Holding Company, which owns a 30% stake, Alpha Orbex Company, which is affiliated with the Abu Dhabi Sovereign Fund with 20%, and the National Investment Bank by 12.8%, in addition to a share owned by the Ministry of Finance by 6% and another by Gasco by 5.7%.

MOPCO’s shares ended Tuesday’s trading session on the Egyptian Stock Exchange, up 0.9% to reach EGP 105.