Basata, Jordan Kuwait Bank receive approval for 30% stake takeover in Madfoatcom

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The binding offer submitted by Basata Holding for Financial Payments and Jordan Kuwait Bank to acquire a 30% stake in Madfoatcom for Electronic Payment, the Jordan-based bill processing and payment provider, has been accepted, according to an emailed press release.

Despite being accepted by Madfoatcom’s shareholders, the offer is still 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,” Aladdin Saba, Chairman of Basata, said.

“We are excited to be part of this unique transaction which will enhance regional cooperation between Jordan and Egypt,” Haethum S. Buttikhi, CEO of Jordan Kuwait Bank, commented.

“The fruitful collaboration between Basata and Madfoatcom is positioned to add considerable value, as we recognize a strong alignment of our respective business strategies,” Nasser Saleh, Chairman and Co-Founder of Madfoatcom, remarked.