Arab Finance: The extraordinary general meeting (EGM) of e-finance for Digital and Financial Investments has approved a proposal to acquire a 99.32% stake, around 2.246 million shares, in Tamweely Financial Services, according to a bourse disclosure.

The transaction will be executed in two phases. The first phase involves a cash payment of EGP 956.37 million for transferring ownership of Tamweely’s shares to e-finance or its under-construction subsidiary e-finance Holding for Financial Services. This is in addition to a postponed amount based on Tamweely's targeted key financial indicators set in the share purchase deal. The sum will be paid in 2028 following the issuance of the audited financial statements of the company.

Meanwhile, the second phase will be a share swap, including the issuance of capital increase shares to Turin Egypt, Tamweely’s major shareholder. The process will cover the issuance of 146.08 million e-finance shares at a fair value of EGP 26.34 per share.

The share swap will increase e-finance’s issued and paid-up capital from EGP 1.733 billion to approximately EGP 1.806 billion, with Turin Egypt expected to own around a 4.04% stake of the company's capital.

Moreover, the shareholders unanimously approved the fair value study for Tamweely’s shares, which valued the company at a total value of EGP 6.426 billion, EGP 2.84 per share. The study was prepared by independent financial advisor Graviton Financial Advisory.

It is worth noting that the Financial Regulatory Authority (FRA) greenlit the transaction in August.