Fawry still in preliminary talks to acquire additional stake in Fawry Plus

Fawry currently owns 38% of Fawry Plus

  
The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt, September 5, 2019. Image used for illustrative purpose.

The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt, September 5, 2019. Image used for illustrative purpose.

REUTERS/Ehab Farouk
Cairo – Fawry for Banking Technology and Electronic Payments is still in preliminary talks to acquire an additional stake in Fawry Plus Banking Services.

The company approved a decision to capitalise the debts of the company, but the value, terms, and other details of the transaction are still under negotiations, the company said in a bourse disclosure on Thursday.

Earlier, the board of directors decided to enter into negotiations with Fawry’s shareholders who own 48% of the company to sell their shareholding to Fawry which currently owns 38% of the company.

During the first nine months of 2020, Fawry logged net profits of EGP 145.19 million, compared to EGP 76.25 million in the corresponding period a year earlier, including minority shareholders’ rights.

Source: Mubasher

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