Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments is still in preliminary talks to acquire an additional stake in Fawry Plus Banking Services.

The company approved a decision to capitalise the debts of the company, but the value, terms, and other details of the transaction are still under negotiations, the company said in a bourse disclosure on Thursday.

Earlier, the board of directors decided to enter into negotiations with Fawry’s shareholders who own 48% of the company to sell their shareholding to Fawry which currently owns 38% of the company.

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.