Cairo – Mubasher: The board of directors of Fawry for Banking Technology and Electronic Payments approved a decision to increase its issued and authorised capital.

The ordinary and extraordinary general meetings will be held to decide on the capital increase, the company said in a bourse disclosure on Wednesday.

Upon approval, the authorised capital will be increased to EGP 1 billion from EGP 500 million.

The board approved to finance the issued capital raise from retained earnings to register EGP 453.65 million, compared to EGP 353.65 million through a 0.28-for-one bonus issue, totalling 200 million new shares at a nominal value of EGP 0.5 apiece.

In addition, the issued capital will also be increased to EGP 853.65 million from EGP 453.65 million through cash payment.

During the first half (H1) of 2020, Fawry logged net profits of EGP 85.9 million, up from EGP 36.47 million in the year-ago period.