Basata nears completion of raising Vodafone’s stake in Bee, Masary to 20%
Updated 2/14/2024 3:36:00 PM
Arab Finance: Basata Holding for Financial Payments is about to complete Vodafone Egypt’s stake increase deal in its two subsidiaries TBE Egypt for Payment Solutions and Services (Bee) and Applications and Payment Systems Development (Masary) from almost 10% to 20%, as per an emailed press release.
However, the deal is pending the Central Bank of Egypt’s (CBE) approval.
Under the deal, both sides aim to boost cooperation to achieve comprehensive digital transformation in the e-payment sector.
This is in addition to promoting Basata’s expansion plans via launching numerous distinctive services during the current year.
“This step represents a significant milestone in Basata's journey, as we look forward to exploring more avenues of collaboration with Vodafone as our key partner, to facilitate technological development and enhancing Egypt’s financial inclusion strategy, as well as supporting the state’s efforts towards digital transformation,” Basata’s CEO Karim Shehats commented.
“Building on the success of our previous partnership with Basata, Vodafone is raising its stake to 20% after receiving the necessary approvals as we expect this partnership to support both Vodafone's and Egypt’s mutual vision in achieving financial inclusion, ensuring the access of e-payments services to all segments,” Commercial Business Unit Director at Vodafone Egypt Kareem Eid said.
On February 6th, it was reported that Vodafone Egypt is seeking to raise its stake in Basata Holding for Financial Investments to 20% within the first quarter (Q1) of 2024 via capital increase.
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