Arab Finance: MM Group for industry and International Trade (MTI) announced that Vodafone Egypt has received the Central Bank of Egypt’s (CBE) approval to raise its stakes in TBE Egypt for Payment Solutions and Services (Bee) and Applications and Payment Systems Development (Masary), as per a disclosure.
Accordingly, the telecom operator will increase its stakes in the two companies, affiliated to Basata Holding for Financial Payments, to 20% from 10%.
Once the transaction is complete, Basata will hold an 80% stake in Bee and a 63.5% stake in Masary.
On February 14th, Basata unveiled that this deal would promote its expansion plans by launching multiple services in 2024.