Egypt's e-Finance Chairman says PIF begins to raise stake by 2%

Ibrahim Sarhan, Chairman and Managing Director of Egypt-based e-Finance for Digital & Financial Investments, said the Public Investment Fund (PIF) filed an application a month ago with the Egyptian Financial Regulatory Authority (FRA) to raise its stake in the company by nearly 2%.

Speaking to Al-Arabiya TV, the top executive noted that PIF has already undertaken buy orders for the stake purchase. He added that this reflects the fund's confidence in e-Finance and its financial results, which is deemed a positive factor for the company.

The company opened its office in Saudi Arabia this month and obtained the main licenses, in cooperation with PIF as a major shareholder, according to Sarhan.

He revealed that e-Finance will soon announce a partner in the e-payments sector in Saudi Arabia, noting that the Saudi Market is seeing strong growth rates.

Saudi Egyptian Investment Co. (SEIC), a wholly-owned unit of PIF, announced, in August 2022, acquiring minority stakes in four Egyptian Exchange (EGX)-listed companies, including e-Finance, according to Argaam's data.

PIF owns about 25% of e-Finance via SEIC.