Egyptian payments firm Fawry said on Thursday that it is planning to raise 800 million pounds ($50.9 million) through a rights issue to existing shareholders and is exploring a listing in the United States.
The proceeds of the rights issue will support Fawry’s growth and investment strategy, while plans to list in the US have yet to be finalised, the company, which is listed on the Egyptian Stock Exchange, said in a statement.
Founded in 2008, Fawry is the largest Egyptian digital transaction and e-payment platform that caters to both consumers and businesses, including small and medium-sized enterprises and unbanked individuals. It enables clients to pay bills, accept payments and carry out other financial transactions.
As for the US listing, the company’s board of directors has recently approved the creation of an American Depository Shares (ADS) program. The schedule, number of ADSs and price of the proposed offering have yet to be decided.
“The proposed offering is subject to market conditions, shareholder and regulatory approvals, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering,” Fawry said.
The platform has a network of more than 30 partner banks and logs an average of three million transactions per day, serving an estimated 35 million users monthly.
Its adjusted net profit for the first nine months of 2021 reached 146.1 million pounds, up by 28.3 percent compared to a year earlier.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
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