M&A WATCH- Foreign, local investors eye stakes in fintech players Bee, Masary: Non-banking financial services outfit Ebtikar has received “several” offers from unnamed local and foreign investors for stakes in two of its subsidiaries, Bee smart payment solutions and Masary smart payment services, the local press reported, citing sources with knowledge of the matter. The sources did not provide further information on the offers. Ebtikar is a joint venture between B investments, BPE Partners and MM Group for Industry and International Trade, and is expected to IPO in 1Q2021. The company has tapped EFG Hermes as financial advisor on the transactions.

Background: Earlier this year, MM Group said that Bee and Masary would be merged and brought under the fold of an unnamed e-payments company, though no further details were given. Ebtikar acquired a 33% stake in Masary in 2018 and continued to up its stake through 2019. Ebtikar now holds 72% of the company, with the remainder held by Bahrain’s Sadad. The company also acquired a 60% stake in Bee in October 2017, with the remaining 40% held by two other investors.

In related news: Ebtikar and B Investments-owned financial services provider Tamweel Holding is planning to launch a new securitization arm in 4Q2020, Managing Director Mohamed El Kahki told Al Mal. The company is looking to issue some EGP 500 mn in securitized bonds backed by some of its real estate portfolio and will soon submit its licensing request to the Financial Regulatory Authority, El Kahki added.