Riyadh - Sharikat Mubasher: The Saudi Egyptian Investment Company (SEIC), wholly owned by the Public Investment Fund (PIF), signed a conditional agreement to acquire new shares in Egypt’s Social Impact Capital (SIC), the principal shareholder of CIRA Education, a recent statement revealed.

This financial arrangement will facilitate SIC’s acquisition of additional shares in CIRA, increasing its total shareholding to between 75% and 100%.

This agreement aims to delist CIRA from the Egyptian Exchange to transform it into a key player in the education sector. SEIC will play a pivotal role in enhancing CIRA’s market position.

Subsequently, the SIC-SEIC alliance will extend a mandatory tender offer to CIRA’s other shareholders on the Egyptian stock, in alignment with existing laws and regulations.

SIC focuses on the essentials of human needs across various sectors, including energy, water, food, health, environment, education, housing, access to capital, and social justice.

SEIC was established as part of the PIF’s strategy to enhance its contributions to investment opportunities in the Middle East and North Africa (MENA) region. It focuses on several sectors notably infrastructure, health care, financial services, real estate.