Cairo – Mubasher: The Egyptian Exchange (EGX) announced the cancellation of the rights issue of Fawry for Banking Technology and Electronic Payments after the end of the subscription period of the rights issue.

Accordingly, the company’s market cap was reduced by EGP 16.104 billion, the EGX said in a statement on Tuesday.

The market cap will increase again upon the listing of the shares of the capital increase after completing the legal procedures of the issuance. 

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.