ResponsAbility Investments to acquire minority stake in Fawry
Switzerland’s ResponsAbility Investments AG, an independent asset manager specializing in development investments, plans to acquire a minority stake in Egypt’s Fawry, the largest e-payment services provider, according to sources.
ResponsAbility manages assets of USD 3.2bn in 550 firms in 97 countries, according to the Swiss company’s website.
Founded in 2003, ResponsAbility Investments AG is headquartered in Zurich with many offices in several international cities.
The sources told Al Mal newspaper that negotiations are at an advanced stage, and it is expected to reach an agreement during the current month, adding that the Swiss firm intends to acquire a minority stake in Fawry through raising the latter’s capital, giving no further details about the increase value.
Under the takeover deal, the current stockholders of Fawry will not exit from the company, the sources said. It should be recalled that a consortium of international financial investors comprising the Egyptian-American Enterprise Fund (“EAEF”), Helios Investment Partners (“Helios”, acting on behalf of funds it advises) and the MENA Long-Term Value Fund (“MENA LTV”) acquired a majority stake in Fawry in a deal worth USD 100 mn two years ago.
Founded in 2008, Fawry is Egypt’s first and largest Electronic Payment Network, offering financial services to consumers and businesses through more than 50,000 collection points and a variety of channels nationwide.
Fawry services include collection services, customer acquisition, electronic cash, payment facilitation, and business-to-business collection centers. Source: Arab Finance