Egypt EGXs listing committee approves listing capital raise of Fawry

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Egypt - The Egyptian Exchange's (EGX) concerned committee approved listing 800 million shares at a nominal value of EGP 0.50 per share of Fawry for Banking and Payment Technology Services’ (FWRY), according to a statement by EGX on June 27^th.

Earlier, the company’s board of directors approved a capital increase of EGP 400 million.

After the increase, the issued and paid-in capital will amount to EGP 853.652 million distributed on 1.707 billion shares.

On May 31^st, the listed company said that its offered shares for the second phase of its capital raise are oversubscribed by 382.36 times.

On May 24^th, the company obtained the financial regulatory authority’s approval to invite the company shareholders to subscribe to 763,646 shares.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.

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