Cairo – Saudi Egyptian Investment Company increased its stake in e-finance for Digital and Financial Investments to 25.01%, according to a bourse filing.
The company acquired an equity amounting to nearly 0.01% in the EGX-listed firm’s issued share capital on 18 September 2023.
Meanwhile, the transaction will not affect the management nor the interests of e-finance’s customers.
Saudi Egyptian Investment aims to drive growth in key business areas, enhance efficiencies, and back environmental, social, and governance (ESG) initiatives. This potential acquisition aligns with the company’s objectives to expand its footprint internationally, particularly in Egypt.
Last May, the board members of e-finance approved plans to establish a branch in Saudi Arabia during the second half (H2) of 2023.
In January-June 2023, the EGX-listed firm recorded higher standalone net profit after tax at EGP 390.22 million, compared to EGP 221.21 million in H1-22.
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