The Egypt Sovereign Fund is negotiating to acquire a stake in the Financial Institutions Operating Company, E-Finance, affiliated to the National Investment Bank.
and sources close to the negotiations said that the fund is currently negotiating with the bank, which owns the largest share of 69%, to acquire an influential stake.
The sources added to Al Borsa News that the fund is currently conducting an evaluation process for the company to determine its value and determine the percentage it will acquire. The transaction is expected to be executed during the first half of the current year.
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She indicated that this acquisition comes within the framework of Egypt's sovereign fund's interest in the non-bank financial services sector, especially with the spread of the Corona pandemic.
She explained that the fund owns a sub-fund in non-banking financial services, and the company is an opportunity for it in light of its possession of a large portfolio of clients within the government sector.
It is worth noting that the Investment Bank NI Capital, the advisor for the Government Proposals Program, has appointed the investment banks of Pharos and Renaissance Capital to take over the management of the company’s offering on the stock exchange within the government IPO program. Zaki Hashem, attorneys and lawyers, will provide legal advice for the process.
The company's shareholder structure includes the National Investment Bank and owns 69% of the company, the National Bank of Egypt 9% and Banque Misr 9%, and the rest is distributed between the Egyptian and Egyptian banks. For investment projects.
On the other hand, the fund and investment bank Hermes are expected to complete the acquisition of Arab Investment Bank, which is also owned by the National Investment Bank, within the next few weeks.
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and the two sides, IMF and Hermes, joined forces to acquire the bank by increasing its capital, and Hermes is expected to have a majority stake.
