January 21, 2022

Fawry’s board nods to capital increase, creation of depositary receipts program


ArabFinance: Fawry for Banking Technomogy and Electronic Payment (FWRY) announced that its board of directors has approved the issued capital increase proposal to finance projects and expansion plans, according to a statement filed to the Egyptian Exchange (EGX).

This proposal is pending the approval of the company’s extraordinary general meeting (EGM) and the required approvals of relevant entities.

Fawry’s authorized capital will increase to EGP 3 billion from EGP 1 billion.

The company’s issued capital will be raised to EGP 1.65 billion from EGP 853.65 million by EGP 800 million distributed over 1.60 million shares at a nominal value of EGP 0.5 per share.

Accordingly, Articles 6 and 7 of the company’s Articles of Association will be amended.

Moreover, the board approved the creation of a depositary receipts program through the conversion of part of the company’s issued shares to the American Depositary Shares (ADSs) pursuant to Decree No. 85 for 2013 issued by the EGX, as amended regarding the Executive Procedures of Issuing and Transferring into Foreign Depositary Receipts and any other decrees to be issued.

As per this resolution, the company seeks to be listed on Nasdaq or the New York Stock Exchange in the form of secondary offering and registered under the Securities Act of 1933.

It is worth noting that Fawry announced it plans to raise EGP 800 million of growth capital via a rights issue to existing shareholders.

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.

arabfinance


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