Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved publishing the disclosure form submitted by Fawry for Banking Technology and Electronic Payments for an issued capital hike.

EGX-listed Fawry will raise its issued capital by EGP 49.60 million to EGP 1.70 billion from EGP 1.65 billion, according to a bourse filing on Wednesday.

This capital increase will be distributed on 99.21 million shares at a par value of EGP 0.50 per share. Fawry will fund the capital hike from reserves of the remuneration and incentive scheme for the company’s workers, managers, and executive board members.

In the first nine months (9M) of 2022, Fawry recorded consolidated net profits after tax worth EGP 192.93 million, down from EGP 193.73 million in 9M-21, including non-controlling interest.