Basata Holding for Financial Payments, in collaboration with the Jordan Kuwait Bank, has acquired a 27.1% stake in the Jordanian electronic payment company, MadfoatCom, according to a report by Hapi Journal, citing unnamed sources.
Earlier this year, Basata and the Jordan Kuwait Bank made a binding offer to acquire 30% of MadfoatCom, but the financial details of the transaction have not been disclosed.
Although Basata secured a smaller share than initially targeted, reports suggest that the company intends to increase its stake in MadfoatCom to 49% in the near future.
Financial advisory for Basata in this transaction was provided by Anston Capital and Emara Asset Management.
Looking ahead, Basata aims to expand into the Saudi market through MadfoatCom, which recently obtained official licensing from the relevant authorities in the Kingdom.
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