M&A-

A consortium led by Lorax Capital Partners has acquired AfricInvest’s entire stake in payment cards manufacturer Masria Digital Payments (MDP), according to a joint statement (pdf) from MDP, AfricaInvest and sell-side advisor EFG Hermes. Lorax’s acquisition bid was backed by the European Bank of Reconstruction and Development, International Finance Corporation, and the French Development Agency’s Proparco.

What they said: “This transaction marks a pivotal moment in MDP’s journey. EFG Hermes has been a key advisor to MDP since 2020, when it supported the entry of AfricInvest into the company. Their deep knowledge and consistent support over the years have been instrumental in helping us attract strategic investors and navigate major milestones. This transaction reflects the strong foundation we’ve built together and sets the stage for continued growth and innovation in digital payments across the region,” MDP CEO Ahmed Nafie said.

AUTOMOTIVE-

Hyundai’s luxury vehicle brand Genesis has opened its first showroom in Egypt in New Cairo’s District 5 in partnership with GB Auto, the Korean auto maker said in a statement. News of Genesis’ official entrance into the Egyptian market first broke last month with news that GB Auto would launch three new electric models and a showroom at an investment cost of EGP 100 mn.

FINTECH-

Fawry has partnered with fintech mobile application Forsa to provide BNPL and installment services through Fawry’s point-of-sale machines, the e-payments provider said in a statement (pdf). The partnership with the subsidiary of GB Capital’s Drive Finance will provide the service to all of Fawry’s 395k+ point-of-sale machines nationwide.

INVESTMENT-

Investors from Zhejiang — China’s third-largest economic province — are eyeing USD 80 mn in Egyptian projects, targeting ready-made garments and logistics, Egyptian Businessmen’s Association’s China Committee head Ahmed Ezz told Al Borsa.

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