Egypt: CPME shareholders approve $56mln acquisition of Qardy, Catalyst Partners Holding
The company's Extraordinary General Assembly approved the acquisition of Qardy for Digital Applications, which specialises in digital financial solutions, and Catalyst Partners Holding, a non-banking financial services (NBFS) firm, CPME said in a statement.
Shareholders representing 99.95% of the issued capital unanimously approved the acquisitions, with votes from founders and related parties excluded in accordance with the swap terms, the statement added.
The transaction is based on a fair valuation conducted by BDO Keys Financial Consulting, an independent financial advisor accredited by the Financial Regulatory Authority (FRA).
CPME said the move aligns with its strategy to build an integrated platform in the NBFS sector, using financial technology to deliver solutions for businesses ranging from large corporates to small and medium-sized enterprises and microenterprises.
The general assembly also approved the allocation of proceeds from a December 2024 private placement, conducted through a capital increase, to support the expansion of the company's leasing and factoring activities.
The company said the acquisitions are part of a broader expansion strategy to strengthen its position in the non-banking financial services market both locally and regionally.
The company's board of directors stated that the strategic move aims to enhance integration among group entities and establish a leading fintech-focused non-banking financial institution that supports financial inclusion and contributes to the country's development goals.
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