Egypt’s bourse announces sale of EGP904 mln stake in Fawry

The acquisition was conducted in a block-trading transaction, typically carried out by a single investor or a group of investors on the market.

Details of the deal will be announced in later disclosures.

Founded in 2008, Fawry is the largest e-payment platform in Egypt serving the banked and unbanked population.

The Egyptian government owns nearly 17.8 percent of Fawry through multiple entities, while Alpha Oryx, a subsidiary of Abu Dhabi Developmental Holding Company (ADQ) holds 12.23 percent.

ADQ owns stakes in major EGX-listed entities including Commercial International Bank (CIB), Alexandria Container and Cargo Handling, Misr Fertilizers Production Company (MOPCO), and Abu Qir Fertilizers.

The Egyptian government is planning to attract $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024.