Back to the complete issue
Thursday, 25 February 2021

Fawry closes in on CIB + Banque Misr’s stakes in Fawry Plus

E-payment giant Fawry is on track to hold 86% of Fawry Plus Banking Services after Fawry’s board of directors signed off on the company moving ahead with negotiations to acquire a 48% stake in Fawry Plus, the company said in a bourse disclosure (pdf) yesterday. Fawry already owns 38% of the company.

In detail: The acquisition, which is valued at EGP 32 mn in total, would see Fawry acquiring CIB’s 23.5% stake and Banque Misr’s 24.5% stake in its subsidiary, Fawry CEO Ashraf Sabry said, according to a report in Al Mal’s print edition.

The subsidiary is eyeing rapid expansion: Fawry Plus Banking Services is looking to almost quintuple its branch count to 300 from 65 currently.

Also today: The EGX approved Fawry’s bid to double its authorized capital to EGP 1 bn, and raise its issued capital by EGP 100 mn to EGP 453.65 mn through the issuance of 200 mn freeshares as a benefit-in-kind at a nominal value of EGP 0.5 apiece.

OTHER M&A NEWS-

New Smart Construction’s bid to acquire a 90% in El Nasr for Manufacturing Agricultural Crops has fallen through due to insufficient interest from shareholders, according to an EGX disclosure seen by Al Mal. The mandatory tender offer submitted for 7 mn shares at EGP 45 apiece saw only 1.06 mn shares — around 13.5% of the company — being offered to the buyers.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.