The National Bank of Egypt (NBE) captured a 6% stake inFawry (FWRY), according to Al-Mal.
The acquisition resulted in an increase of NBE stake in Fawry from 6.3% to 12.3%. Sources emphasized that the transaction was carried out through a block trade.
Block trades are bulk-sized trades. They’re privately negotiated outside the open market to avoid slippage of the stock’s price if the deal is entered as a single market order. To avoid this, the trade is divided into several chunks carried out by intermediary brokers.