PFI Asset management takes over the management of HDB money market fund

CAPITAL MARKETS-

PFI Asset Management to manage HDB money market fund: Post for Investment’s PFI AssetManagement has taken over the management of Housing and Development Bank's Mawared Money Market Fund, according to a press release (pdf). PFI Asset Management now has three funds under its management — Mawared and two of GIG Egypt’s funds.

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M&A-

Basata ups stake in MadfoatCom: Local fintech player Basata has increased its share in Jordanian electronic payment provider MadfoatCom to 25% for an undisclosed sum, it said in a statement (pdf). The investment is part of Basata’s plans to expand its digital financial services across the region.

The move was part of a larger transaction: Several Jordanian financial institutions also acquired stakes in MadfoatCom, including Jordan Kuwait Bank (JKB), the Social Security Investment Fund, Arab Bank, Housing Bank for Trade and Finance, and Jordan Islamic Bank.

REFRESHER- Basata first acquired 27.1% of the Jordanian company alongside JKB in September. Unconfirmed reports a week earlier said Basata eventually plans to up its stake in the company to 49%, indicating it might be back for more.

STARTUPS-

Investment company Foras plans to invest USD 20 mn in digital media and gaming, launching four digital media products, according to a pressrelease (pdf). The investment will be spearheaded by CEO and serial entrepreneur Mohamed Aboulnaga and new board member Magdy Shehata.