21 Mar 2021

Ebtikar has raised its stake in Bee for e-payments to 80% a few days ago in a deal valued at around EGP40mn. The stake was acquired from Techno Beez. Al-Mal Newspaper reports that Ebtikar is currently studying conducting a share swap with Techno Beez for Technology to give the latter a stake in Ebtikar.

This follows Vodafone Egypt’s acquisition of a 20% stake in both Bee and Masary, both of which are owned by Ebtikar, through a capital increase. The Vodafone deal will pave the way for Bee and Masary to expand in the African market.

Ebtikar is planning to list on the Egyptian Stock Exchange in 2H21. Ebtikar is a joint venture between MM Group (MTIE) and B Investments (BINV). (Source: al-Mal Newspaper, Enterprise)