Cairo – Mubasher: The board of Ebtikar Holding for Financial Investments, the owner of Bee and Masary, has approved to ink a Memorandum of Understanding (MoU) to allow Vodafone Egypt to buy a 20% stake in each of the two e-payment platforms to participate in their capital increase.

This decision will enable Bee and Masary to grow their business volumes and expand in Africa, as Vodafone Egypt will use its expertise to support the development of the two companies' processes and services, according to a bourse disclosure on Wednesday.

To prepare for the listing of Ebtikar on the Egyptian Stock Exchange (EGX), the board has also agreed on acquiring an additional 20% stake in TBE Egypt for Payment Solutions and Services (Bee).

Hence, Ebtikar’s ownership in Bee, which was owned by Technobiz Equipments PTE. LTD Company, will raise its current stake to 80% from 60%.

This step will allow Technobiz Equipments PTE. LTD company to participate in the capital increase in Ebtikar, a joint venture (JV) between MM Group for Industry and International Trade and B Investments Holdings.