The board of Raya Holding for Technology & Telecommunications will hold a meeting on Thursday, September 18, 2014, to look into acquiring the stake owned by HSBC in e-billing firm Fawry.
The Egyptian Financial Supervisory Authority (EFSA) had initially approved a request from Raya to invite shareholders to subscribe to 581240 remaining secondary shares at EGP 5 par value each.
The second phase in the rights issue will start Sunday, September 21 through Thursday, September 25.
The first phase was covered by 94.19%.