Egypt floats minority stake in E-Finance for IPO

Egyptian company e-finance for digital payments and financial investment said on Sunday that it will offer up to 14.5% of its capital in an initial public offering in the fourth quarter of 2021. The company, which was founded in 2005, added in a statement that it is the only entity authorized to operate the networks. Government finance, including processing and settlement of payment and collection transactions.
E-Finance’s initial public offering is one of several expected this year, according to Reuters.
In May, Egypt sold a 51 percent stake in Arab Investment Bank to Egyptian financial group Hermes in the first deal to sell a majority stake in a bank since 2006.
The Egyptian government announced in 2018 its intention to sell minority stakes in more than 20 companies, but these deals have been repeatedly postponed due to the decline in market performance and the recent pandemic of the Corona virus, according to Reuters.

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