U.S. tech giant Amazon has exercised its option to acquire a direct equity stake in Valu, one of Egypt’s leading financial technology companies, marking a key milestone in the firm’s growth as it prepares to begin trading on the Egyptian Exchange (EGX). Amazon is set to acquire approximately 3.95 percent of Valu at a price of USD 0.12 (EGP 6.041) per share, under the terms of a 2022 agreement with Valu’s parent company, EFG Holding. The transaction, subject to regulatory approval, will be executed via a block trade on 23 June, the company’s first trading session on the EGX. Valu was officially listed on the EGX on 21 May. The move comes amid growing international investor interest in Egypt’s financial sector, despite persistent regional macroeconomic headwinds. As part of the original agreement signed in May 2022, Amazon acquired USD 10 million (EGP 506.1 million) worth of global depository receipts (GDRs) in EFG Holding, with the right to convert those GDRs into a direct equity stake in Valu upon the occurrence of a “qualified liquidity event,” which materialized with Valu’s public listing. The final stake size of 3.95 percent reflects a…
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