By : Sarah Noureldeen
Basata Holding for Financial Payments S.A.E. (formerly Ebtikar for Financial Investment S.A.E, “Basata”) and Jordan Kuwait Bank have submitted their binding offer for the acquisition of a 30% stake in Madfoatcom for Electronic Payment, the leading bill processing and payment provider in Jordan (“Madfoatcom”).
The offer was accepted by Madfoatcom’s shareholders and is pending the Jordan regulatory approvals necessary to proceed with finalizing the transaction.
“We believe that the partnership between Basata and Madfoatcom is poised to yield substantial synergies for both companies,” said Mr. Aladdin Saba, Chairman of Basata.
“We are excited to be part of this unique transaction which will enhance regional cooperation between Jordan and Egypt” said Mr. Haethum S. Buttikhi, CEO of Jordan Kuwait Bank.
“The fruitful collaboration between Basata and Madfoatcom is positioned to add considerable value, as we recognize a strong alignment of our respective business strategies,” added Mr. Nasser Saleh, Chairman and Co-Founder of Madfoatcom.
