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Cairo – Mubasher: Ebtikar for Financial Investment, a joint venture between MM Group for Industry and International Trade and B Investments Holdings, has acquired an additional stake of 5.9% in Masary for EGP 25.9 million.
Accordingly, Ebtikar’s stake in the smart payment company will be increased to 65.5% from 59.7%, MM Group and B Investments said in two separate statements to the Egyptian Exchange (EGX) on Thursday.
B Investments holds a 20.4% stake in Ebtikar, while MM Group holds 50.4% stake in the company.
The deal will raise MM Group’s stake in Masary to 44% from 41%.
Earlier in October, MM Group announced that Ebtikar raised its stake in Masary to 59.67% from 54.84%.