Egypt’s Ebtikar moving ahead with IPO of e-payment units

Ebtikar Holding for Financial Investments, a joint venture (JV) between MM Group for Industry and International Trade and B Investments Holdings, is executing a restructuring plan of its investments to prepare for its initial public offering (IPO) of its shares on the Egyptian Exchange (EGX).

Ebtikar has transferred the shares of Tamweel Holding to a new parent company as part of a plan to spinoff activities not related to e-payments ahead of an upcoming IPO.

Ebtikar, a financial services firm that runs e-payments platforms Bee and Masary, also received regulatory approval to transfer another arm, microfinance provider Vitas Egypt, to Basata, the holding company it recently set up to separate its non-banking financial services businesses from e-payments.

The split comes as Ebtikar is looking to capitalize on growing investor appetite for digital payments companies.