Egypt Fawry’s board approves to double subsidiary’s capital

Cairo –  The board of directors of Fawry for Banking Technology and Electronic Payments approved to increase the capital of its 99.85%-owned subsidiary Fawry Microfinance Co to EGP 15 million from EGP 7.5 million.

Fawry’s share in the capital increase of Fawry Microfinance Co stands at EGP 7.485 million, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

It is noteworthy that during the first nine months of 2019, Fawry’s consolidated net profit hiked to EGP 76.25 million from EGP 51.6 million in the year-ago period, including minority shareholders’ rights.