Vodafone Egypt has received the Central Bank of Egypt’s (CBE) approval to boost its stake from 10 per cent to 20 per cent in the two digital payment companies, Bee and Masary.
Both companies are owned by Ebtikar and MM Group for Industry and International Trade S.A.E. (MTI). Ebtikar is a joint venture between B investments, BPE Partners, and MTI.
Upon completion of the deal, Basata will own 80 per cent in Bee and 63.5 per cent in Masary – direct and indirect share – according to two fillings sent by B Investments and MTI to the Egyptian Exchange on Thursday.
In 2021, Vodafone Egypt signed an agreement to acquire stakes in each of Bee and Masary, as part of the mobile network operator to ramp up its investments in Egypt and expand its non-banking financial services products.