FRA nods Mohandes Insurance to increase capital

The company will increase the capital

  
ArabFinance:Fawry for Banking and Payment Technology Services obtained the Financial Regulatory Authority's (FRA) green light to increase issued and paid-up capital by EGP 100 million, according to the FRA’s statement filed to the Egyptian Exchange.

The company will increase the capital from EGP 353,652,060 to EGP 453,652,060 by distributing 200 million shares.

Moreover, Fawry will increase the capital from EGP 453,652,060 to EGP 853,652,060 in cash. It will issue 800 million shares at a par value of EGP 0.50 per each.

The company reported a consolidated net profit of EGP 119,208,905 in the January-September 2020, compared to EGP 57,375,920 achieved in the prior-year period.

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.

 

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services