Cairo – Mubasher: EFG Hermes has announced that the offering of Fawry for Banking Technology and Electronic Payment’s shares on the Egyptian Exchange (EGX) was oversubscribed by 15.9 times, generating EGP 7.1 billion ($431 million).

The offering includes 36% of Fawry’s shares at a final price of EGP 6.46 per share, according to a statement released on Thursday.

Trading on Fawry’s shares is expected to start as of 8 August, while the subscription of the company’s shares will be closed on 5 August.