Egypt Aluminum and the Egyptian Media Production City Company (EMPC) have made two statements on Sunday in line with the news reporting that Saudi Arabia’s Public Investment Fund (PIF) aims to invest in the two companies.

Egypt Aluminum revealed that it is currently studying increasing the company’s capital, adding that it will present the transaction to a strategic investor, according to a stock exchange filing.

The capital raise aims to finance Egypt Aluminum’s development and maintain the current production capacity at 320,000 tonnes a year.

In a separate statement, EMPC said it has no information regarding the news.