Egypt’s stock exchange announces sale of EGP 904 mln stake in Fawry

Egypt’s Stock Exchange (EGX) announced on Wednesday the acquisition of 161.4 million shares in Egyptian e-payment giant Fawry for 903.88 million Egyptian pounds ($29.25 million).

The acquisition was conducted through a block trading transaction, typically carried out by a single investor or a group of investors on the market.

Details of the deal will be disclosed in later official announcements.

The Egyptian government has nearly 17.8 percent of Fawry through multiple entities, while Alpha Oryx, a subsidiary of Abu Dhabi Developmental Holding Company (ADQ) owns a 12.23 percent stake. The North African country is targeting $5 billion from the offering of power plants and state-owned firms from October this year until the end of June 2024.