The Clap
Banque Misr has increased its stake in Fawry (FWRY), from 6.3% to 15.3%, according to Hapi Journal.
The deets
The EGX announced yesterday morning that there’s been a transaction on over 151 million Fawry shares, with a value of EGP 1.47 billion.
Banque Misr’s subsidiary CI Capital executed the deal on Banque Misr’s behalf, while EFG Hermes executed the sell-side of the deal on Fawry’s behalf.
Why this matters
The announcement comes a day after reports broke out about ADQ Holding agreeing to buy stakes in five companies, including Fawry.
In related news
A follow-up Bloomberg report provided more details on the ADQ Holding agreement. According to the updated report, ADQ is buying stakes in Abu Qir Fertilizers (ABUK), Misr Fertilizers “Mopco” (MFPC), & Alexandria Container & Cargo (ALCN), alongside Fawry & CIB (COMI).
