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Vodafone Egypt plans to buy stakes in two digital payment firms within 3 months - official

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The spread of the coronavirus disease (COVID-19), in Cairo
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CAIRO (Reuters) - Vodafone Egypt plans to complete the acquisition of 20% stakes in two digital payment companies, Bee and Masary, within a maximum of three months, an official at the company said on Wednesday.

The company has signed a memorandum of understanding (MoU) with Ebtikar, which owns the two firms, to buy the stakes, it said in a statement on Tuesday.

Ebtikar is a subsidiary of Egypt’s MM Group.

(Reporting by Ehab Farouk; Writing by Mahmoud Mourad; Editing by Louise Heavens)