Banque Misr, the second largest government bank, raised its stake in Fawry, the largest electronic payments company in Egypt, to regarding 16%, following it purchased 8.85% of the company’s shares today in a deal worth regarding EGP 1.47 billion, according to a bank disclosure on the Egyptian Stock Exchange. today is Wednesday.
The bank’s contribution to the company before the deal amounted to 6.9%, rising to 15.7% following purchasing regarding 151 million shares at EGP 9.75 per share.
Bloomberg said last Monday that the Abu Dhabi Sovereign Fund had held talks with Egypt to invest regarding one billion dollars by buying state-owned stakes in some companies, as the UAE fund seeks to acquire an 18% stake in the Commercial International Bank, as well as buy stakes in 4 Other companies listed on the stock market in Egypt, led by “Fawry” for banking services and payment technology.
Fawry, which is also involved in banking technology, was established in 2009 and provides financial services to clients and companies through multiple channels, such as paying dues with government agencies.
Fawry is the first banking agent in Egypt to obtain a license from the Central Bank to provide banking and financial services to individuals and companies, such as depositing and withdrawing from accounts, disbursing local and international transfers, paying credit card dues, paying dues with government agencies, and others.
Egypt and the UAE established a joint strategic platform worth $20 billion in 2019 to invest in a range of sectors and assets, which are managed through the Egyptian Sovereign Wealth Fund and Abu Dhabi Sovereign Fund.
Last January, Fawry announced the offering of part of its shares in America in the form of American certificates of deposit, in addition to increasing its paid-in capital at the nominal value, to direct its proceeds to finance its future expansion, according to a statement sent by the company to the Egyptian Stock Exchange.