By Mahmoud Salah Eddin

Cairo – Mubasher: Egypt’s e-payment firm Fawry may go public on Egypt stock market over the coming three to five years after profits reach a specific level, said Chairman Ashraf Sabry.

The top official told Mubasher that his company is considering expansions in GCC and Africa, especially after new investors joined the company with expertise in African markets.

Sabry ruled out the possibility of a capital increase currently or raising loans. However, he noted that the capital hike proposal may be considered in future as part of financing restructuring and boosting growth rates.

Raya Holding for Technology & Telecommunications decided earlier to sell the company’s equity in Fawry to BSI Netherlands BV.

The company’s stake, which amounts to 2.51 million shares, will be paid in a deal worth EGP 174.24 million.

Raya will pay all related expenses and commissions upon finalising the deal, which will reduce the deal’s value to EGP 163.66 million.

Translated by Sayed Abdel Rahman