Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) has completed advisory on the sale of 50 million shares or 7% stake in Fawry for Banking Technology and Electronic Payments on the Egyptian Exchange (EGX) in a deal worth $50 million, according to a statement on Wednesday.

EFG Hermes acted as the lead arranger for the transaction and provided its consulting services to the selling parties, namely, the Egyptian-American Enterprise Fund (EAEF), Link Holdco B V, International Finance Corporation (IFC), Responsability Investments, the National Bank of Egypt (NBE), Banque Misr, and some employees at Fawry.

In a bourse statement, the EGX revealed the sale of 50 million shares in Fawry at a value of EGP 805 million or EGP 16.1 a share in a block-trading deal.

It is worth mentioning that Fawry’s board recommended a capital increase of up to EGP 400 million to finance investment expansions.