Arab Finance: EFG Finance, a subsidiary of EFG Holding, is seeking to acquire a stake in the Saudi PayTabs by participating in raising the latter’s capital via a share swap, EFG Hermes' CEO of Non-Banking Finance Sector Alaa Afifi told Asharq Business.

The transaction is expected to be conducted via a share swap of EFG Finance’s 50% stake in PayTabs Egypt with a minority stake in the parent company, Afifi noted.

Once the capital increase procedures are complete, PayTabs Egypt’s board is better to be part of the parent company’s board to accelerate the pace of expansions abroad, he added.

However, EFG Holding is seeking to close the deal only via share swap, Afifi noted, adding that it is not ready to pay any cash to raise the Saudi PayTabs’ capital.

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