Vodafone Egypt signs MOU to raise stake in Bee, Masary Companies

CAIRO – 24 February 2021: Board of Directors of Ebtikar Holding for Financial Investments S.A.E. (Ebtikar) approved Wednesday singing a Memorandum of Understanding (MoU) with Vodafone Egypt, to allow Vodafone Egypt to participate in a capital increase in TBE Egypt for Payment Solutions and Services (Bee) and Masary for e-payments companies to reach a stake of 20 percent in each company.

MM Group for industry and International Trade (MTI) noted in a filing to the Egyptian Exchange (EGX) that the MOU signing marks the beginning of due diligence process for the companies, in one of the most significant deals in the Egyptian digital financial services market. 

Ebtikar is a joint venture between MM Group for Industry and International Trade and B Investments Holding, the owning company of Bee and Masary for e-payments.

“Vodafone Egypt will participate in a capital increase at par yielding it a stake of 20 percent in each company of Bee and Masary,” it clarified.

Moreover, it is expected that this step will contribute to accelerating the growth of the two companies’ business volumes and Vodafone Egypt will utilize its expertise, as the pioneer telecommunication company providing digital financial services and electronic wallets through Vodafone Cash services, to support in developing the processes and services provided by both companies, which might lead to regional expansion of Bee and Masary in Africa, it added.

During the first nine months of 2020, B Investments Holding Company achieved profits of LE 153.55 million, compared to profits of 142.74 million pounds in the same period of 2019, including minority rights.

MM Group achieved during the first 9 months of 2020 a net profit of LE 299.78 million, compared to LE 370.05 million during the same period in 2019, including minority rights.

MTI operates within the capital goods sector focusing on trading companies & distributors, while B Investments Holdings operates within the diversified financial sector focusing on investment banking & brokerage.