ArabFinance: e-finance for Digital and Financial Investments (EFIH) announced that its board of directors has approved to raise the company’s capital to EGP 924.44 million from EGP 888.88 million, according to a statement filed to the Egyptian Exchange (EGX).
The capital increase amounts to EGP 35.55 million distributed over 71.11 million shares in favor of the employee stock ownership plan (ESOP).
Accordingly, the board nodded to the amendment of Articles 6 and 7 of the company’s Articles of Association.
This comes in line with the decisions made by shareholders at the extraordinary general meeting (EGM) held on September 15th 2021.
Founded in 2005, e-finance is the first fintech platform in Egypt and a leading digital payment infrastructures’ developer.
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