{"id":615319,"date":"2024-02-15T00:00:00","date_gmt":"2024-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/central-bank-of-egypt-signs-off-on-vodafone-upping-its-stake-in-basata\/"},"modified":"2024-02-15T00:00:00","modified_gmt":"2024-02-15T00:00:00","slug":"central-bank-of-egypt-signs-off-on-vodafone-upping-its-stake-in-basata","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/central-bank-of-egypt-signs-off-on-vodafone-upping-its-stake-in-basata\/","title":{"rendered":"Central Bank of Egypt signs off on Vodafone upping its stake in Basata"},"content":{"rendered":"

Happy THURSDAY, friends.<\/strong> It\u2019s a relatively slow and calm send-off into the weekend, with few happenings to take note of.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Vodafone gets CBE greenlight to up its stake in Basata:<\/strong> Vodafone Egypt has received approval from the Central Bank of Egypt to raise its stake in B Investments subsidiary and fintech platform Basata Holding for Financial Investments<\/a> to 20%, from 10% previously, according to a disclosure (pdf)<\/a>. Basata, which was initially named Ebtikar, was established<\/a> as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017.<\/p>\n

Background:<\/strong> Vodafone Egypt had acquired the initial 10% stake in Basata in 2022, with the stake split between Bee and Masary before they were merged into Basata. Vodafone has planned to acquire 20% of Basata under an MoU signed in 2021<\/a>. <\/p>\n

HAPPENING NOW- <\/strong><\/p>\n

Lula is in town:<\/strong> President Abdel Fattah El Sisi received Brazilian President Luiz In\u00e1cio Lula da Silva today at the Ittihadiya palace in his first visit to Egypt in 20 years, Al Qahera News reports (Watch, runtime: 5:58<\/a>). Lula will head next to Addis Ababa to take part in an African Union meeting with heads of states.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

No one story is dominating the international headlines, but one thing getting ink is the <\/strong>UK falling into a recession in 2H 2023.<\/strong> The British economy contracted 0.3% in 4Q 2023, marking a steeper decline than the 0.1% decline economists had forecast for the quarter. The disappointing data puts Prime Minister Rishi Sunak in hot water, as his campaign was largely built on the promise to grow the economy as the Conservative Party has historically done, but now trust is shifting to the Labour party. (Reuters<\/a> | CNBC<\/a>)<\/p>\n

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