AfricInvest eyes 25% stake in BUE: Private equity firm AfricInvest is looking to acquire 25% of the British University of Egypt (BUE) for more than EGP 1 bn before the end of June, Asharq Business reports, citing sources it says have knowledge of the matter. The acquisition would mark AfricInvest’s first investment in Egypt’s education sector.

The stake could see an increase in the event of further EGP depreciation because the transaction is valued in USD, one of the sources said. The acquisition would take place either through a stake sale or a capital increase, another source said, adding that the exact method is still being agreed upon.

Remember: The EGP has lost around half of its value over the past year after the economic fallout from the war in Ukraine forced the central bank into making a series of devaluations. Expectations are rising that policymakers will have to further devalue the currency in the coming weeks amid a continued shortage of foreign currency.

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