Cairo – Mubasher: The board of Fawry for Banking Technology and Electronic Payments has approved to increase its issued capital by EGP 800 million and explore a listing in the US in connection with a potential SEC-registered secondary offering.
Through a rights issue to existing shareholders, the company intends to increase its capital to EGP 1.653 billion from EGP 853.65 million, according to a press release on Thursday.
This step also aims to support the company's expansion plans for financial services, grow its offerings on MyFawry, implement its investment strategy, and back the budding ecosystem of startups and fintech.
Meanwhile, the company's board has agreed on the creation of an American Depositary Shares (ADS) programme.
