MM Group ac­quires 60% of Bee for EGP 156m

The Daily News Egypt - - Business -

MM group for In­dus­try and In­ter­na­tional Trade S.A.E (MTI) Group has an­nounced the ap­proval of the ac­qui­si­tion of 60% of the shares of TBE Egypt for pay­ment and pay­ment ser­vices (Bee) through the pur­chase of shares and the pro­vi­sion of a trans­fer­able fa­cil­ity to the shares of the cap­i­tal in­crease with a to­tal trans­ac­tion of EGP 156m in part­ner­ship with Ebtikar for Fi­nan­cial In­vest­ment Com­pany, in which MM Group holds 50%.

TBI Egypt is the lead­ing tech­nol­ogy in pay­ment so­lu­tions, pro­vid­ing cus­tomers with con­ve­nient billing so­lu­tions through its se­cure net­work link­ing its cus­tomers with many ser­vice providers.

The com­pany fo­cuses pri­mar­ily on the de­vel­op­ment and in­no­va­tion of se­cure and con­ve­nient pay­ment so­lu­tions in the Egyp­tian mar­ket to reach its cus­tomers in all re­gions through its wide chan­nels and net­works, in­clud­ing ATMs, mo­bile wal­lets, com­mer­cial out­lets, post of­fices and even small gro­cery stores.

It has a strong pres­ence in the Egyp­tian mar­ket by lever­ag­ing its ser­vices in more than 35,000 out­lets around Egypt and through its part­ner­ship with sev­eral ser­vice providers.

Ac­cord­ing to Khaled Mah­moud, Chair­man and Man­ag­ing Di­rec­tor of MTI said that in­vest­ing in TBI Egypt will in­crease the com­pany’s mar­ket share in the non-bank­ing fi­nan­cial ser­vices and elec­tronic pay­ments sec­tor, ex­pand our reach to the re­tail sec­tor and cover the mar­ket fur­ther, diver­sify our ac­tiv­i­ties and ex­pand In the lo­cal mar­ket.

He added that in part­ner­ship with Ebtikar In­vest­ment Fi­nance, we will be able to be­come a strong player in the field of elec­tronic pay­ment and work on the gov­ern­ment ini­tia­tive and fo­cus on more fi­nan­cial coverage in the Egyp­tian mar­ket.

“We are very pleased that Ebtikar’s first in­vest­ment in the Egyp­tian mar­ket is through the ac­qui­si­tion of Bee,” said Aladdin Saba, the chair­per­son and CEO of Ebtikar and co­founder of BPE Part­ners. “We en­vi­sion a great ex­pan­sion plan for Bee as it ven­tures into more ser­vices and add more clients.”

On a re­lated note, Hazem Barakat, the found­ing part­ner and chair­per­son of BPE Part­ners, also ex­pressed his ex­cite­ment for the new deal, adding that “BPE Part­ners has been in­ter­ested in the non-bank­ing fi­nan­cial ser­vice sec­tor for quite some time, and we are pleased that the first in­vest­ment in this sec­tor is through Bee.”

Hazem Barakat

Khaled Mah­moud

Aladdin Saba

Newspapers in English

Newspapers from Egypt

© PressReader. All rights reserved.