Sovereign Fund eyes controlling stake in e-Finance
SFE eyeing controlling stake in e-Finance ahead of its IPO? The Sovereign Fund of Egypt is reportedly in negotiations to acquire part of the National Investment Bank’s (NIB) 69% stake in state-owned e-payments platform e-Finance, the local press reports, citing sources with knowledge of the matter. The exact size of the stake the SFE is looking to snap up is still under negotiation, but the sources suggest the fund is looking to acquire a controlling stake. The potential acquisition comes as part of the SFE’s plans to expand its investments in the non-banking financial services sector, the sources said.
The potential transaction is expected to close in 1H2021, meaning that it could happen before e-Finance debuts on the EGX. The payments platform is reportedly dusting off plans to IPO and take an undisclosed stake in the company to market in 2Q2021.