The National Bank of Egypt (NBE) has raised its stake in Fawry for Banking Technology and Electronic Payments to 12.54% from 6.54%.
The state-owned bank paid more than EGP 1 bn in a block transaction, handing it some 102.5 mn shares at EGP 10.25 apiece. This raised its total stake in the company to 12.25%, making it the second-biggest shareholder after Banque Misr.
It is noteworthy to mention that on Wednesday, 30 March 2021, the Egyptian Exchange (EGX) announced an EGP 1.05 billion block deal on the shares of Fawry.
Who’s selling? The sellers were international investors, including Link Holdco and Black Sparrow Long Term Investments (which Fawry has previously said was controlled by FIM Partners), Asharq reported, citing sources with knowledge of the matter.
The National Bank of Egypt (NBE) has upped its stake in Fawry, less than a week after Banque Misr more than doubled its holdings in the fintech firm.
This would be the second state-owned bank to purchase shares in the fintech darling in the past week: Banque Misr last week purchased an 8.85% stake in a EGP 1.47 bn transaction, upping its ownership to 15.8%. Between them, the banks now own more than 28% of the company, up from around 13.2%.
