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Egyptian American Enterprise Fund cuts stake in Fawry for EGP 269m

Egyptian American Enterprise Fund cuts stake in Fawry for EGP 269m
The deal involved selling 15.85 million shares for EGP 17 apiece
Fawry
FWRY
-6.46% 7.53 -0.52

Cairo – Mubasher: Egyptian American Enterprise Fund has slashed its stake in Fawry for Banking Technology and Electronic Payments to 8.74% from 9.67%. 

The deal involved selling 15.85 million shares for EGP 269.46 million, averaging EGP 17 apiece, according to a statement to the Egyptian Exchange (EGX) on Wednesday. 

In the first six months of 2021, Fawry posted consolidated net profits of EGP 137.15 million, up by 59.6% year-on-year (YoY) from EGP 85.9 million, including minority shareholders' rights.