Egypt company to sell minority stake

CAIRO Egyptian state-controlled payments firm e-finance for Digital and Financial Investments said it would offer up to 14.5 per cent of its capital in an initial public offering in the fourth quarter of 2021.

Founded in 2005, e-finance said in a statement it is the sole entity authorised to operate the government’s financial network, including processing and settling payment and collection transactions.

The sale is one of several planned for this year.

E-finance said it would float 177.8 million new shares on the stock exchange and 80 million shares owned by current shareholders, to both institutional and retail investors.