Cairo – Mubasher: The ordinary general meeting (OGM) Fawry for Banking Technology and Electronic Payments approved a loan agreement worth EGP 160 million between its subsidiary Fawry Microfinance Co and the Egyptian-American Enterprise Fund which has a 9.67% stake in Fawry.

The shareholders also approved an amendment to a service provision agreement between Fawry and Fawry Dahab Electronic Services, raising the service fees to 17.25% of net revenues from 15%, according to a bourse disclosure on Sunday.

Moreover, the OGM gave the greenlight to a deal to sell 2% stake or 1,000 shares in Fawry Dahab Electronic Services to Banque Mir at EGP 6.7 per share.

Additionally, a financing offer from Banque Misr, which holds a 6.30% stake in Fawry, to provide up to EGP 150 million in credit facilities has been approved.

The facility will be used as follows:

• A maximum amount of EGP 50 million will be used to finance the company’s payments.
• Up to EGP 100 million will be used for issuing letters of guarantee to be offered to the company’s dealers. The funding will have a one-year term starting from the date of the bank’s approval.

Meanwhile, the extraordinary general meeting (EGM) approved a decision to raise the authorised capital to EGP 1 billion from EGP 500 million.

The issued capital will be increased to EGP 453.65 million from EGP 353.65 million through a 0.282-for-one bonus issue, totalling 200 bonus shares at a value of EGP 0.5 apiece.

In addition, the issued capital will also be raised to EGP 853.65 million from EGP 453.65 million to be paid in cash.

During the first nine months of 2020, Fawry logged net profits of EGP 145.19 million, compared to EGP 76.25 million in the corresponding period a year earlier, including minority shareholders’ rights.