Latest news with #CPME
Zawya
4 days ago
- Business
- Zawya
Egypt: Catalyst Partners Middle East approves $56mln share swap deal to acquire Qardy, Catalyst Holding
Arab Finance: Catalyst Partners Middle East, the first licensed special purpose acquisition company (SPAC) in Egypt, has secured shareholder approval to acquire Qardy for Digital Applications and Catalyst Partners Holding in a share swap deal valued at EGP 2.8 billion, as per a press release. 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. (
Zawya
4 days ago
- Business
- Zawya
Egypt: CPME shareholders approve $56mln acquisition of Qardy, Catalyst Partners Holding
Egypt - Catalyst Partners Middle East (CPME), Egypt's first licensed Special Purpose Acquisition Company (SPAC), said its shareholders have approved the acquisition of two financial services firms in a share-swap deal valued at EGP 2.8bn. 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.
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
CPME shareholders approve EGP 2.8bn acquisition of Qardy, Catalyst Partners Holding
Catalyst Partners Middle East (CPME), Egypt's first licensed Special Purpose Acquisition Company (SPAC), said its shareholders have approved the acquisition of two financial services firms in a share-swap deal valued at EGP 2.8bn. 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.
