Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has bought a 23.08 per cent stake in the Middle East Paper Company (Mepco) as the fund continues to expand its portfolio in key sectors of the kingdom's economy.
The PIF acquired the stake in the Tadawul-listed Mepco by increasing capital and subscribing to new shares, it said on its website on Thursday.
The total value of the investment was not disclosed.
Mepco is an integrated paper manufacturer offering products for the packaging, construction and furniture sectors. It supplies the Middle East, Africa, Asia, the Americas and European markets.
The deal, approved by regulators and Mepco’s shareholders, is expected to support the company’s expansion while strengthening its local supply chain for current and future projects, according to the wealth fund.
“PIF’s investment in Mepco reflects the attractive opportunities for growth in promising sectors such as recycling, retail and building materials,” said Muhammad Aldawood, head of the industrials and mining sector in Mena investments at the wealth fund.
The deal was completed following a preliminary agreement between the two entities in May, with Mepco announcing at the time that the PIF planned to subscribe to a significant minority in the company for 31.50 Saudi riyals ($8.40) per share.
“PIF's investment further enables the implementation of our expansion strategy and captures significant growth potential, both locally and regionally," said Sami Al Safran, chief executive of Mepco.
"This will help create new opportunities, as Mepco continues its journey to become a national champion in our industry."
The PIF is at the heart of Riyadh’s economic diversification efforts and holds stakes in public and private companies including Meta and Alphabet.
PIF is empowering 13 priority sectors locally, in partnership with private businesses, contributing to achieving the goals of Vision 2030 by diversifying the economy. These include the retail, construction and real estate sectors, within the framework of PIF’s investment strategy.
The fund was the top investor among global sovereign wealth funds last year and spent $31.6 billion in 49 deals, up 33 per cent compared to 2022, industry specialist Global SWF said in its annual report on Monday.
Last month, it signed an agreement to invest in aviation services company Saudia Technic, a subsidiary of aviation major Saudia Group, to create a national maintenance, repair and overhaul segments "champion," in the aviation sector.
It aims to boost the size of its assets to 4 trillion riyals by 2025 and create 1.8 million jobs, according to Yasir Al Rumayyan, governor of the PIF. The PIF currently has assets worth $700 billion with more than 644,000 indirect and direct jobs created, according to its website.
"The Saudi market provides promising opportunities for investment in paper products and related industries such as tissues due to its rapid growth and the drive for localisation of production," the PIF said.
"Additionally, PIF’s investment in Mepco supports the private sector in Saudi Arabia, boosts local content, increases high-value ready-for-market exports, and improves quality and competitiveness."
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Red flags
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
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Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
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335 million people positively impacted by projects
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10 million people given access to clean and affordable drinking water
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26 million school children given solar lighting
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MOUNTAINHEAD REVIEW
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Rating: 3.5/5
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Toilet cleaner
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Air Freshener
100ml water
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Method:
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Key facilities
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- 400m Olympic running track
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- 600-seat auditorium
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The Florida Project
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Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
Zayed Sustainability Prize
COMPANY%20PROFILE
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
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Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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The specs
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