The National Bank of Egypt (NBE) has raised its stake in\u00a0Fawry for Banking Technology and Electronic Payments\u00a0to\u00a012.54% from\u00a06.54%.<\/p>\n
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.<\/p>\n
It is noteworthy to mention that on Wednesday, 30 March 2021, the Egyptian Exchange (EGX)\u00a0announced an EGP 1.05 billion block deal\u00a0on the shares of Fawry.<\/p>\n
Who\u2019s selling?<\/strong> 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.<\/p>\n 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.<\/p>\n This would be the second state-owned bank to purchase shares in the fintech darling in the past week: <\/strong>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%.<\/p>\n","protected":false},"excerpt":{"rendered":" The National Bank of Egypt (NBE) has raised its stake in\u00a0Fawry for Banking Technology and Electronic Payments\u00a0to\u00a012.54% from\u00a06.54%.<\/p>\n","protected":false},"author":4,"featured_media":320227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[156,81,401],"class_list":["post-325078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-fawry","tag-national-bank-of-egypt","tag-nbe"],"yoast_head":"\n