Ebtikar raises its stake in Bee to 80% in prelude to offering on EGX

Ebtikar raises its stake in Bee to 80% in prelude to offering on EGX

FILE - Employees in the EGX following performance of the trading session on December 12, 2017







CAIRO – 24 February 2021: Board of Directors of Ebtikar Holding for Financial Investments S.A.E. (Ebtikar) approved Wednesday to acquire 20 percent of TBE Egypt for Payment Solutions and Services (Bee) which was owned by Technobiz Equipments PTE.

 

This step comes for the purpose of preparing for the listing of Ebtikar on the Egyptian Stock Exchange (EGX).

 

Subsequently, Ebtikar's ownership of the company increases from its current stake of 60 percent to reach 80 percent, and allowing Technobiz Equipments PTE. LTD company to participate in the capital increase in Ebtikar.

 

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.

 

MM Group for industry and International Trade (MTI) holds a 49.9 percent stake in Ebtikar.

 

Moreover, Board of Directors