{"id":557165,"date":"2021-09-08T04:00:27","date_gmt":"2021-09-08T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/fawry-shareholders-green-light-plans-to-buy-back-stakes-held-by-cib-banque-misr\/"},"modified":"2021-09-08T04:00:27","modified_gmt":"2021-09-08T04:00:27","slug":"fawry-shareholders-green-light-plans-to-buy-back-stakes-held-by-cib-banque-misr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/fawry-shareholders-green-light-plans-to-buy-back-stakes-held-by-cib-banque-misr\/","title":{"rendered":"Fawry shareholders green-light plans to buy back stakes held by CIB, Banque Misr"},"content":{"rendered":"<p><strong>Fawry\u2019s shareholders greenlit the acquisition of CIB and Banque <\/strong><strong>Misr\u2019s stakes<\/strong><strong> in <\/strong><strong>subsidiary <\/strong><strong>Fawry Plus<\/strong>, the e-payments giant announced in a <a href=\"https:\/\/ent.news\/2021\/9\/Fawry-Plus-Shares.pdf\">bourse filing (pdf)<\/a>. Fawry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efc0313b-3f9a-4ba8-b719-e4a87a184730\">will buy<\/a> each of the two bank\u2019s 15% stakes in its subsidiary at EGP 1.15 per share, for a total of EGP 16.2 mn per acquisition. The acquisition is still subject to regulatory approval.<\/p>\n<p><strong>Egyp<\/strong><strong>talum has hiked aluminum prices by between EGP 2k and 4.5k per tonne<\/strong> as global prices reach new multi-year highs,, a company spokesperson told <a href=\"https:\/\/bit.ly\/3jP4SrR\">Al Mal<\/a>. A tonne of aluminium will now cost somewhere between EGP 51k to EGP 62k before tax. Global aluminium prices recently reached their <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b89451de-94a8-494c-af21-7fa02e0e0171\">highest level in a decade<\/a> as a swell in post-lockdown demand and rising raw material costs cause inflation to rise. A recent coup in Guinea, of all places, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e75f8e9e-d4c3-4c72-9506-873a9f420f76\">hasn\u2019t helped<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The Cabinet <\/strong>has approved the<strong> executive regulations of the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5207b7b8-2250-409c-8016-5f52c955883b\">export subsidy<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5207b7b8-2250-409c-8016-5f52c955883b\">program<\/a><\/strong>, which came into effect on 1 July for a period of three years, according to <a href=\"https:\/\/ent.news\/2021\/9\/Tuesday-07-Sep-2021-issue-2646-1.pdf\">Al Borsa (pdf)<\/a>.<\/li>\n<li>President Abdel Fattah El Sisi <a href=\"https:\/\/bit.ly\/3jRAk8Z\">ratified<\/a> a law <strong>establishing an endowment fund <\/strong>to channel funds into educational, cultural, social, and healthcare organizations.<\/li>\n<li><strong>General Electric<\/strong> and French cancer-research center <strong>Gustave Roussy<\/strong> will work with the Egyptian Health Ministry to <strong>improve cancer screening<\/strong>, treatment and research in Egypt, after Health Minister Hala Zayed signed <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/154943490150207\">an agreement<\/a> earlier this week during her trip to Paris.<\/li>\n<li><strong>Domty <\/strong>signed two <strong><a href=\"https:\/\/ent.news\/2021\/9\/%D8%AF%D9%88%D9%85%D8%AA%D9%89-%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-07-09-2021.pdf\">contracts<\/a><\/strong><sup><\/sup><strong> worth EUR 2.5 mn <\/strong>with AMF<sup><\/sup><sup><\/sup> to establish a fourth bakery line, its first for the production of croissants.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Fawry\u2019s shareholders greenlit the acquisition of CIB and Banque Misr\u2019s stakes in subsidiary Fawry Plus, the e-payments giant announced in a bourse filing (pdf). Fawry will buy each of the two bank\u2019s 15% stakes in its subsidiary at EGP 1.15 per share, for a total of EGP 16.2 mn per acquisition. The acquisition is still [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,576,240,1598,1203,72,332,519,3424,1088,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557165","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banque-misr","tag-cib","tag-domty","tag-el-nasr-civil-works","tag-enterpriseam","tag-export-subsidy-fund","tag-fawry","tag-fawry-plus","tag-high-speed-rail","tag-trade","wpautop","entry"],"acf":{"mongo_id":"34e72f65-ee74-42c9-8832-c4013fe7193d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[557146],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fawry shareholders green-light plans to buy back stakes held by CIB, Banque Misr - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/fawry-shareholders-green-light-plans-to-buy-back-stakes-held-by-cib-banque-misr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fawry shareholders green-light plans to buy back stakes held by CIB, Banque Misr\" \/>\n<meta property=\"og:description\" content=\"Fawry\u2019s shareholders greenlit the acquisition of CIB and Banque Misr\u2019s stakes in subsidiary Fawry Plus, the e-payments giant announced in a bourse filing (pdf). Fawry will buy each of the two bank\u2019s 15% stakes in its subsidiary at EGP 1.15 per share, for a total of EGP 16.2 mn per acquisition. 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Fawry already owns 38% of\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544868,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/24\/adq-is-buying-a-lot\/","url_meta":{"origin":557165,"position":1},"title":"ADQ is buying \u2026 a lot","author":"enterpriseam admin","date":"24 March 2022","format":false,"excerpt":"Abu Dhabi wealth fund ADQ is acquiring state-held stakes in Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling, Bloomberg reports, citing a source it says has knowledge of the matter. Bloomberg\u2019s source did not disclose further details on how much the government has agreed to sell or an\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558978,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/fawry-microfinance-to-obtain-egp-310-mn-loans-from-eaef-banque-misr\/","url_meta":{"origin":557165,"position":2},"title":"Fawry Microfinance to obtain EGP 310 mn loans from EAEF, Banque Misr","author":"enterpriseam admin","date":"4 January 2021","format":false,"excerpt":"Fawry Microfinance greenlights EGP 310 mn debt to fuel expansion: Fawry subsidiary Fawry Microfinance is taking on an EGP 160 mn loan from the Egyptian-American Enterprise Fund (EAEF) and a EGP 150 mn credit facility from Banque Misr after the parent company\u2019s ordinary general assembly approved the terms on Thursday,\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545021,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/","url_meta":{"origin":557165,"position":3},"title":"National Bank of Egypt ups stake in Fawry \u2014 is a stake sale to ADQ next?","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Another state-owned bank appears to have just bought a chunk of Fawry, likely setting up the sale of the government-controlled stake to Abu Dhabi\u2019s ADQ. The National Bank of Egypt (NBE) has upped its stake in Fawry, less than a week after Banque Misr more than doubled its holdings in\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545818,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/adq-makes-grand-entry-into-the-egx-with-usd-1-8-bn-buy-launches-first-mena-spac-with-chimera\/","url_meta":{"origin":557165,"position":4},"title":"ADQ makes grand entry into the EGX with USD 1.8 bn buy + launches first MENA SPAC with Chimera","author":"enterpriseam admin","date":"13 April 2022","format":false,"excerpt":"Abu Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed companies yesterday as part of an agreement reached last month to provide Egypt with emergency liquidity as we grapple with fallout from Russia\u2019s war in Ukraine. The fund purchased shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542954,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/fawry-looks-to-partner-with-local-bank-on-prepaid-cards\/","url_meta":{"origin":557165,"position":5},"title":"Fawry looks to partner with local bank on prepaid cards","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"Fawry is looking to partner with a local bank to issue prepaid cards soon, Al Mal reports CEO and founder Ashraf Sabry as saying. Sabry\u2019s comments came on the sidelines of the company\u2019s launch of Fawry Yawmy, the region\u2019s first fintech-based money market fund, in partnership with Misr Capital. Fawry\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557165"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557165\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557146"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557165"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557165"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}