Egypt: Catalyst Partners Middle East approves $56mln share swap deal to acquire Qardy, Catalyst Holding
The acquisitions were approved during CPME's extraordinary general assembly, with 99.95% of the issued capital represented at the meeting.
The vote excluded founders and related parties, in accordance with the approved terms and valuation ratios.
The transaction is based on a fair valuation conducted by BDO Keys Financial Consulting, an independent advisor accredited by the Financial Regulatory Authority (FRA).
Qardy operates in digital financial solutions, while Catalyst Partners Holding is involved in non-banking financial services.
The acquisitions support CPME's plan to build a unified platform in the non-banking financial services sector that serves a range of businesses, from corporates to SMEs and microenterprises.
The assembly also approved allocating proceeds from CPME's December 2024 private placement, carried out through a capital increase, to expand Catalyst Leasing's and Catalyst Factoring's activities.
The transaction is intended to improve coordination across group companies and support the company's broader approach to financial services, with a focus on fintech and financial inclusion, according to the board of directors.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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