|11 February, 2020

FRA exempts Fawry's indirect shareholders from submitting MTO

Fawry floated 36% of its capital into the Egyptian exchange in July 2019.

ArabFinance: Based on the acquisition of a 63.987% majority-stake of Egyptian Digital Payments Company (Fawry) (FWRY), the Financial Regulatory Authority (FRA) exempted Fawry's indirect shareholders from submitting Mandatory Tender Offer (MTO) to buy 452,584,237 shares.

The majority shareholder of Fawry's share capital, PSI Netherlands Holding BV will transfer the ownership of its stake to indirect shareholders such as Black Sparrow Long Term Investments LTD, International Finance Corporation and others, according to the IPO's prospects.

PSI Netherlands Holding BV's stake was 452,584,237 shares, representing 63.987% of Fawry's share capital.

Fawry floated 36% of its capital into the Egyptian exchange in July 2019.

The offering included 36% stake, distributed as follows: 149,948,474 shares to Actis, National Bank of Egypt, and Banque Misr (representing 21.2% of Fawry’s share capital), (the cornerstone offering); 69,315,803 shares to qualified institutional and high net worth investors (representing 9.8% of Fawry’s share capital), (the institutional offering); and 35,365,206 shares to retail investors (representing 5.0% of Fawry’s share capital) (the Retail Offering, and together, the combined offering).

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