Ebtikar ups stake in Masary for fifth time since July
M&A WATCH- Ebtikar ups stake in Masary for fifth time since July: Ebtikar for Financial Investment, a joint venture between B Investments, BPE Partners and MM Group, has increased its stake in Egyptian e-payments company Masary to 69.8% from 65.5% in a EGP 18.7 mn transaction, the company said in a statement yesterday (pdf). Ebtikar has effectively doubled its holdings of the company across a series of five transactions in the second half of this year, having held 35.7% prior to July. B Investments holds a 20.3% stake in Ebtikar, while MM Group holds 49.9%. Ebtikar Chairman Aladdin Saba said the latest transaction demonstrates the company’s “confidence” in the Egyptian e-payment sector, according to a press release by MM Group (pdf).
CORRECTED on 14 November 2019
MM Group holds a 49.9% stake in Ebtikar and not 52.9% as previously mentioned.