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EGX approves Fawry's rights issue

EGX approves Fawry's rights issue
The e-payment firm will increase its issued capital by EGP 400 million
Fawry
FWRY
1.65% 20.34 0.33

Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved the rights issue of Fawry for Banking Technology and Electronic Payments for 800 million shares to be traded separately from the original stock.

The e-payment firm will increase its issued capital by EGP 400 million to EGP 853.65 million from EGP 453.65 million, the EGX said in a statement on Sunday.

The capital raise is divided over 800 million shares at a nominal value of EGP 0.50 apiece.

The eligibility of the rights issue is for shareholders owning shares until the end of the trading session on Thursday, 15 April. Trading on the shares will begin on 20 April and end on 16 May.

During 2020, Fawry reported net profits of EGP 223.56 million, up from EGP 130.38 million a year earlier, including minority shareholder’s rights.