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.