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Wednesday, 10 June 2020

Al Ahly Capital in talks to acquire e-payments firms Momken, Sadad

M&A WATCH- Al Ahly Capital is in talks to acquire 100% of e-payments firms Momken and Sadad in transactions that could conclude soon, Al Mal reports, citing unnamed sources. No further details were disclosed on the talks, which come as Al Ahly, the National Bank of Egypt’s investment arm, pushes into fintech. Al Ahly had signaled its intention to enter the non-banking financial sector last month.

In other news from the firm, Al Ahly Capital’s Pharos Investment Banking acted as sole sell-side adviser to Modern Waterproofing (Bitumode), which was bought by Sika Egypt earlier this week in a transaction worth EGP 460 mn, the firm said in a statement (pdf) yesterday.

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