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Sunday, 20 October 2019

Ebtikar acquires further 5.9% stake in Masary to bring its share to 65.5%

M&A WATCH- Ebtikar raises its stake in Masary for the fifth time, buying up another 5.9%: Ebtikar Financial, a joint venture between MM Group and B Investments, has acquired a further 5.9% stake in e-payments firm Masary in a EGP 25.9 mn transaction, the company said in an EGX disclosure (pdf). This latest transaction, which marks the fifth time Ebtikar has raised its stake in Masary, will increase Ebtikar’s ownership to 65.5% and MTI's to 44%. Sources from Ebtikar had signaled the company’s intention to buy up more of Masary when it last purchased a 4.8% stake earlier this month. Ebtikar IR manager Ashraf Ghannam had told the local press last month that the company is not angling for full ownership of the e-payments firm. Ebtikar had acquired a 10% stake in Masary in July, and another 9.1% stake in September.

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