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PSI Netherlands Holding sells entire stake in Fawry for EGP 3.62bn

PSI Netherlands Holding sells entire stake in Fawry for EGP 3.62bn
Four companies purchased 370.59 million shares in Fawry
Fawry
FWRY
-6.46% 7.53 -0.52

Cairo – Mubasher: PSI Netherlands Holding B.V sold its entire stake of 63.99% in Fawry for Banking Technology and Electronic Payments for EGP 3.62 billion.

The deal involved the sale of 452.58 million shares at an average price of EGP 8 per share, according to a statement to the Egyptian Exchange (EGX) on Sunday.

In separate bourse statements, it is disclosed that four companies purchased 370.59 million shares in Fawry, representing 52.39% of the company’s capital, at a combined value of EGP 2.96 billion.

Link HoldCo B.V. acquired 149.82 million shares or 21.18% of the company’s capital for a total value of EGP 1.198 billion.

Moreover, Black Sparrow Long Term Investments LTD, responsAbility Participations AG, and the Egyptian American Enterprise Fund acquired 98.717 million shares for EGP 789.74 million, 43.86 million shares for EGP 350.889 million, and 78.199 million shares for EGP 625.59 million, respectively.

The average price per share reached EGP 8, the statements showed.

It is noteworthy to mention that during the first nine months of 2019, Fawry logged net profits of EGP 76.25 million from EGP 51.6 million in the year-ago period, including minority shareholders’ rights.