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.


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