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Tuesday, 4 August 2020

EFG closes sale of 7% stake in Egypt’s Fawry for USD 50 mn

INVESTMENT WATCH- EFG closes USD 50 mn sale of c.7% stake in Fawry: EFG Hermes closed last week the sale by existing shareholders of a combined c. 7% stake (50 mn shares) in EGX-listed e-payment company Fawry in a transaction worth USD 50 mn, according to a statement (pdf). The selling shareholders included the Egyptian American Enterprise Fund (EAEF), the International Finance Corporation (IFC), a vehicle of private equity investor Helios, asset manager ResponsAbility, the National Bank of Egypt, Banque Misr, and a number of Fawry employees, sources told us previously. The EAEF, IFC, and Helios vehicle Link were among 40 shareholders who earlier this year transferred the ownership of a 63.99% stake in Fawry previously held by PSI Netherlands Holding.

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