Egypt: Amazon exercises option to acquire direct stake in Valu
Amazon entered into an option agreement with EFG Holding in May 2022, acquiring $10 million of EFG Holding global depository receipts (GDRs).
The deal included the option to convert the GDRs into a direct stake in Valu, representing 4.255% of its share capital.
Accordingly, based on the terms and conditions of this option agreement, Amazon will hold around a 3.95% stake in Valu.
Subject to the required approvals, the transaction will be executed on the first trading session of Valu shares on the Egyptian Exchange (EGX) at a price per Valu share of EGP 6.041 through the block trade mechanism.
It is worth highlighting that EFG Hermes acted as the sole financial advisor to EFG Holding and Valu on the transaction.
Karim Awad, Group CEO of EFG Holding, commented: " This milestone underscores our unwavering commitment to our shareholders, as we continue to create and manage businesses that deliver exceptional value and long-term rewards.'
'Valu's success exemplifies our dedication to driving financial inclusion and digital transformation in Egypt and beyond, while solidifying our position as a catalyst for innovation and growth in the region,' Awad affirmed.
For his part, Walid Hassouna, CEO of Valu, stated: "At Valu, we remain unwavering in our commitment to redefining the customer experience through cutting-edge financial solutions that empower individuals and businesses alike, driving both convenience and opportunity in every interaction."
Valu was listed on the EGX on May 21st,2025, while its shares will be admitted to trading on the EGX on June 23rd.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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