Cairo - Mubasher: The ordinary general meeting (OGM) of Fawry for Banking Technology and Electronic Payments has approved to purchase the stake of Banque Misr in Fawry Plus for Banking Services.

Fawry seeks to acquire Banque Misr's 14 million shares in Fawry Plus, representing 14.98% of its capital valued at EGP 1.15 per share, according to a bourse filing on Monday.

Meanwhile, the OGM has agreed on authorising the board to sign a contract to buy the 14.98% stake of the Commercial International Bank - Egypt (CIB) in Fawry plus.

It is noteworthy to mention that during the first quarter (Q1) of 2021, Fawry for Banking Technology and Electronic Payments posted a 125.5% year-on-year (YoY) surge in its net profits to EGP 85.79 million, compared to EGP 38.04 million, including minority shareholders’ rights.