For approximately $150 million, the Saudi Egyptian Investment Company (SEIC), a subsidiary of the Saudi Public Investment Fund (PIF), acquired a 34 percent minority stake in Egypt’s consumer electronics and household appliances retailer B.TECH Company.
B.TECH aims to increase its revenue by 30% this year to around 11 billion pounds, with a total of 153 branches by the end of December. It also intends to expand outside of Egypt within the next three years.
The company also expects to increase its sales to 15 billion Egyptian pounds in 2023.
Last August, SEIC acquired stakes in four listed Egyptian companies for a value of 24.89 billion pounds, or about 1.3 billion dollars.
