By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Vodafone to complete 20% stake acquisition of Bee, Masary in 3 months: Source
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Technology > Vodafone to complete 20% stake acquisition of Bee, Masary in 3 months: Source
Technology

Vodafone to complete 20% stake acquisition of Bee, Masary in 3 months: Source

Mohamed Alaa El-Din
Last updated: 2021/02/24 at 8:43 PM
By Mohamed Alaa El-Din 4 Min Read
Share
SHARE

Vodafone Egypt will complete the due diligence on Bee and Masary within a maximum of three months, in preparation for its 20% acquisition of the two companies, a source close to the deal told Daily News Egypt. 

Vodafone signed a Memorandum of Understanding (MoU), on Tuesday, with Ebtikar Holding Company for Financial Investments, the owner of the two electronic payments (e-payments) companies.

The MoU paves the way for Vodafone Egypt to participate in the two e-payment platforms’ capital subscription with a 20% stake each.

It forms part of Vodafone Egypt’s plan to increase its investments in the Egyptian market, and provide various digital payment services to its individual and corporate clients. 

This is in addition to investments in the network to improve service, enhance the support of digital transformation, and apply the concept of financial inclusion in Egyptian society.

During his visit to Egypt and his meeting with President Abdel Fattah Al-Sisi in December, Vodafone Group CEO Nick Reed said that Egypt has seen an increase in investments. This has particularly been seen in digital transformation and providing more services to achieve financial inclusion. 

Reed noted the possibility of Egypt being an important centre for these services in Africa. He also highlighted expanding regionally and exchanging experiences in this field, in order to support the achievement of Egypt’s Vision 2030.

The MoU was signed in the presence of: Mohamed Abdallah, CEO of Vodafone Egypt; Karim Eid, Head of the Commercial Sector of Vodafone Egypt; Rasha Al-Azhari, Head of the Financial Sector; Ayman Essam, Head of the External and Legal Relations Sector; Khaled Mohamed Mahmoud, Member of the Board of Directors of Ebtikar and Chairperson of the MM Group Group; and Ayman El-Desouky, CEO of Ebtikar and Chairperson of Bee.

As soon as this transaction is completed, Bee and Masary are committed to all agreements and partnerships concluded with all parties operating in the Egyptian market without change. 

This step is expected to accelerate the growth of the two companies’ business volume, and contribute to the development of the work system and services provided by both companies. 

Vodafone Egypt will contribute with its expertise in Africa and will work on the regional expansion of Bee and Masary. Vodafone is one of the top mobile networks that provides digital payments services and e-wallets through its “Vodafone Cash” service.

Regarding the IPO for Ebtikar, sources note that the plans for a listing in the second half (H2) of 2021 remain very much in place, and that the deal is only expected to provide a further boost to valuations.

Sources expect that Vodafone will, at a later stage, buy the 20% stake in Masary and Bee, by purchasing a direct stake in Ebtikar, the owner of the two companies. The company may also increase this share later after the offering is made on the Egyptian Exchange (EGX).

Bee and Masary are two of the top electronic payments companies. They have been working in the Egyptian market for more than 10 years, providing over 800 payment services through 110,000 points of sale (POS). 

The two companies contribute to implementing and disseminating the initiatives of the National Council for Payments and the Central Bank of Egypt (CBE) for digital transformation and financial inclusion.

You Might Also Like

International powerhouse brands turn to inaugural GITEX Africa 2023 as launchpad to scale operations in the world’s next biggest digital economy  

DNE Awards honours e-Finance Investment Group as Most Influential in Digital Transformation

Three AI experts on how access to ChatGPT-style tech is about to change our world – podcast

Starlink: SpaceX’s new internet service could be a gamechanger in Africa

Meta amplifies the voices of unsung heroes in latest MENA campaign

TAGGED: Bee, Masary, Vodafone
Share this Article
Facebook Twitter Email Print
Previous Article Boris Johnson Climate change threatens global peace, security: UK warns
Next Article A source at the Financial Regulatory Authority (FRA) revealed that Saudi Telecom Company’s (STC) acquisition of Vodafone International's share in Vodafone Egypt requires the Saudi company to offer a compulsory 100% purchase of Vodafone Egypt. TE reports strong operational performance driven by retail, cables revenues in Q4 2020
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?