Wednesday July 17th, 2024
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Stake in Egyptian E-Payment Platform Fawry Sells for Over $29 Million

This acquisition, comprising 161.4 million shares, was carried out through a block-trading transaction.

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The Egyptian Exchange (EGX) has announced the sale of a stake in Fawry, a leading Egyptian e-payment company, for a total of LE 903.88 million (approximately $29.25 million).

This acquisition, comprising 161.4 million shares, was carried out through a block-trading transaction, typically involving a single investor or a group of investors in the market. Further details of the transaction are expected to be revealed in subsequent disclosures.

Fawry, founded in 2008, is the largest e-payment platform in Egypt, catering to both banked and unbanked populations. The Egyptian government holds nearly 17.8% of Fawry through various entities, while Alpha Oryx, a subsidiary of the Abu Dhabi Developmental Holding Company (ADQ), owns 12.23%. ADQ has stakes in several major EGX-listed companies, including Commercial International Bank (CIB), Alexandria Container and Cargo Handling, Misr Fertilizers Production Company (MOPCO), and Abu Qir Fertilizers.

The Egyptian government is currently carrying out a broader plan to raise $5 billion through the offering of power plants and state-owned companies, from October 2023 to the end of June 2024.

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