PIF unit intends to buy 25% of Egypt’s MOPCO: Report

09/08/2022 Argaam

Logo of Public Investment Fund (PIF)

The Saudi Egyptian Investment Co. (SEIC), a unit of the Public Investment Fund (PIF), agreed to buy a 25% stake in Misr Fertilizer Production Co. (MOPCO), at an additional price premium of 25% over the market price, Asharq News channel reported, citing sources.

 

Sources added that contracts are being signed, noting that the deal will be executed today or tomorrow on The Egyptian Exchange.

 

PIF recently launched SEIC, which aims to invest in promising sectors throughout Egypt, one of the world’s emerging markets (EMs), according to data compiled by Argaam.

 

MOPCO was established in 1998 as a urea exporter in Egypt. Its main products are urea and ammonia. It also sells other subsidiary products such as ammonia water, urea water, industrial urea, and second-class urea.

 

MOPCO produces about 2 million metric tons of urea annually.

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