|22 July, 2019

Egypt's NBE acquires 7% of Fawry’s IPO shares – vice chairman

Fawry approved listing around 36% of the company’s shares on the EGX

A security takes his position in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 14, 2016.

A security takes his position in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 14, 2016.

REUTERS/Amr Abdallah Dalsh

Cairo –  The National Bank of Egypt (NBE) has acquired 7% of Fawry’s shares to be listed on the Egyptian Exchange (EGX), the bank’s vice chairman Yehia Aboul Fotouh told Mubasher.

The value of the deal wasn’t disclosed.

Fawry, the e-payment network, approved listing around 36% of the company’s shares on the EGX, Fawry’s financial manager Abdel Meguid Afifi revealed.

The offering will be divided into two parts; a private placement in which 31% of the shares will be offered and a public offering of 5% of its share capital, Afifi told Mubasher on Sunday.

Afifi expected that the Egyptian Financial Regulatory Authority (FRA) will not object to publish the offering prospectus during this week.

Fawry’s financial manager further projected that all of the offering procedures would be finalised in August.

Translated by: Zeinab Adel

Source: Mubasher Exclusive

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