Friday, February 26, 2021

Vodafone Egypt signs a memorandum of understanding to buy 20% of Masary and Bayy for digital financial services

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Acquisition by subscribing at nominal value to increase the capital of the two companies

Vodafone Egypt and Ibtikar Holding Company for Financial Investments signed “Ibtikar”, the owner of the two companies, Bee and Masary for electronic payments, in preparation for the subscription of Vodafone Egypt to increase the capital of both Bee and Masary with a 20% stake in both companies.

A joint statement said that this comes within Vodafone Egypt’s plan to increase its investments in the local market and provide various digital payment services to its individual and corporate clients, in addition to its investments in the network to improve service, enhance the support of digital transformation and the application of the concept of financial inclusion in the Egyptian society.

The President of Vodafone International, in his visit to Egypt and his meeting with the President of the Republic, had indicated the company’s intention to increase investments in the Egyptian market, especially in the field of digital transformation and provide more services to achieve financial inclusion, and indicated the possibility of Egypt being an important center for these services in Africa and the possibility of regional expansion And the exchange of experiences in this field in order to support the achievement of the country’s 2030 vision.

The signing of the memorandum was attended by Mohamed Abdullah, CEO of Vodafone Egypt, Karim Eid, Head of the Commercial Sector of Vodafone Egypt, Rasha Al-Azhari, Head of the Financial Sector, Ayman Essam, Head of the External and Legal Relations Sector for Vodafone Egypt, Khaled Mohamed Mahmoud, Member of the Board of Directors of Ibtikar and Chairman of the MM Group, and Ayman El-Desouki CEO of Ibtikar and Chairman of the Board of Directors of Bee Corporation.

The memorandum provides for the start of the process of due diligence examination, to subscribe to the increase of the capital of the two companies Bayi and Masary in nominal value, equivalent to a share of 20% of the shares of each company, and upon completion of this transaction, the companies of Bayi and Masary shall abide by all the agreements and partnerships concluded with all parties operating in the Egyptian market without A change.

This step is expected to accelerate the growth of the business volume of the two companies, and the contribution of Vodafone Egypt to the development of the work system and services provided by both companies, benefit from Vodafone’s expertise in Africa, and work on the regional expansion of Bie and Masary.

Mohamed Abdullah, CEO of Vodafone Egypt said, “Choosing the field of digital payments services comes in line with Vodafone Egypt’s constant interest in developing and diversifying the services provided to customers and also providing new opportunities for distributors and our partners to succeed, to increase distribution outlets and the spread of services, making it easier for the customer and giving him a better experience in The field of digital transactions and services ”

Abdullah added: “Vodafone plays a great role in supporting the digital transformation in Egypt, and is participating in large projects in this field. Creating more partnerships and expanding investment in order to provide digital services to customers and citizens is one of the important steps for Vodafone Egypt, which stresses the importance of supporting Digital transformation system and strengthening the concept of financial inclusion, to achieve the 2030 vision adopted by the state.

Khaled Mohamed Mahmoud said, “We have a partnership relationship with Vodafone and a success story that lasted more than 22 years as a distributor of its services in the Egyptian market, and today we culminate this partnership with a big step to expand and invest in the field of digital payments with the first network in Egypt.”

Ayman El Desouky, CEO of Ibtikar and Chairman of the Board of Directors of PE, said: “We are excited and optimistic about this important step. The presence of Vodafone Egypt as a shareholder reflects the success of Bey and Masry and the strength of their financial position and their presence in the Egyptian market.

El-Desouki added that this alliance would support the digital transformation and the expansion of financial inclusion services and open the way for the two companies to expand in the Egyptian market and African markets in cooperation with Vodafone Egypt. We hope for continuous cooperation and serious work towards reaching a final agreement at the earliest opportunity.

Bayi and Masary are among the most important electronic payments sector companies operating in the Egyptian market for more than ten years, providing more than 800 payment services through more than 110,000 points of sale. The two companies contribute to implementing and disseminating the initiatives of the Supreme Council for Electronic Payments and the Central Bank of Egypt for digital transformation and financial inclusion.

The article, Vodafone Egypt signs a memorandum of understanding to buy 20% of Masary and Bayy for digital financial services, was written in Al-Borsa newspaper.

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Vodafone Egypt signs a memorandum of understanding to buy 20% of Masary and Bayy for digital financial services