April 12, 2021

EGX okays listing Fawry's rights issue


ArabFinance: The Egyptian Stock Exchange's (EGX) concerned committee approved listing 80 million rights issue of Fawry for Banking and Payment Technology Services (FWRY) separated from the underlying share, according to EGX’s disclosure on April 11th.

These rights issues will be traded in the capital hike subscription that will be run starting April 20th until May 16th.

The fintech company will hike the issued and paid-in capital to EGP 853.652 million from EGP 453.652 million with an increase of EGP 400 million. The capital increase is distributed on 800 shares at the par value of EGP 0.50 per each.

It’s worth mentioning that the shareholders recorded on April 15th are entitled to a capital increase.

The listed company reported a consolidated net profit of EGP 186.23 million in 2020, compared to EGP 102.9 million in 2019.

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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