Al Ahly Capital closing in on Momken acquisition

Al Ahly Capital is reportedly in the final stretch of acquiring a majority stake in e-payment firm Momken in a EGP 100 mn transaction, according to a report in Al Mal’s print edition citing unnamed sources with knowledge of the matter. The two sides are expected to sign the final contracts for the acquisition “within days,” the sources say. No further details were disclosed on how much of the e-payments firm Al Ahly Capital will snap up, but earlier reports had suggested Al Ahly — the National Bank of Egypt’s investment arm — could acquire 100% of Momken.