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Thndr Claps » EGY Claps » EGX 🔔 » Banque Misr acquires another stake in Fawry💰

Banque Misr acquires another stake in Fawry💰

by Shams Abbas
March 23, 2022

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).

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