RIYADH: Egypt Aluminum has confirmed it is currently studying increasing the company’s capital amid rumors that Saudi Arabia’s Public Investment Fund is mulling over investing in the company.
In a recent stock exchange filing, the firm added it will present the transaction to a strategic investor and revealed that the capital raise is aimed to maintain the current production capacity of 320,000 tons a year.
PIF earlier this month launched the Saudi Egyptian Investment Co. to invest in a wide range of sectors across the North African country.
Egyptian Media Production City Co. which was also touted as a potential investment destination for the PIF, has denied reports of selling stakes to the fund.
“There are no negotiations, either from near or far, about selling a share of the Egyptian Media Production City Co. to the Saudi sovereign fund,” Abdel Fattah Al-Jabali, chairman of EMPC told Asharq.
Asharq also reported that two unnamed sources said the PIF did not express any interest in acquiring stakes in the Egyptian company.