SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Share of Fawry offered in EGX before end of 2019 through partial exiting of investors
FV of company's shares being determined before approval, completion of offering procedures: Okasha
Published in Daily News Egypt on 11 - 07 - 2019

Fawry for e-payments has taken its first steps to offer its shares in the Egyptian Exchange (EGX) through contracting with EFG-Hermes, as manager of the offering, and Fincorp, as an independent financial adviser to evaluate the company's shares.
This is in preparation for starting the actual procedures for the launch in the EGX.
For his part, Managing Director of Fawry, Mohamed Okasha, expected the procedures to be completed by the end of this year, as the company has just begun the procedures to determine the fair value (FV) of its shares. They would then submit it to the Financial Regulatory Authority (FRA) for approval and for completing the rest of the procedures of the offering.
He pointed out that the offering process, as well as gaining approvals, promotions, and other actions will take several months, and may be completed before the end of this year or later.
Okasha added that offering a share of Fawry's stocks will take place through a partial exit for the shareholders of the company and not a total exit. He stressed that the proportion of the offering will be less than 45% or 50%, but the percentage of the final offering has not yet been determined and the value of shares of the company are not known. However, they will be announced soon after the independent financial advisor determines them.
Fawry is owned by five local, foreign, and Arab investment funds. A consortium of investors acquired the majority stake in the “Fawry” company in July 2015 for $100m. The alliance included the MENA LTV Fund which EFG-Hermes, the Egyptian-American Enterprise Fund, Helios Investment Partners, and International Finance Corporation (IFC) have shares in.
Founded in 2009, Fawry works is the field of bank technology and provides financial services to individuals and businesses. The management and employees account for about 8% of the company's shares.
For the promotion plan, it has been decided to offer Fawry to include the Gulf, European, United States, and South African markets, as the largest share will be from foreign institutions. The Zulficar & Partners Law Firm will be playing the role of a legal advisor for the proposal.
Fawry started offering its services in the UAE in March after recently contracting with one of the largest banks.
The expansion plan for Fawry in 2019 includes an increase in points of sale (POS) to 150,000 points, as well as the acquisition of stakes in start-ups, purchasing new payment machines, and developing Fawry pay platform.
Fawry launched Fawry fast-moving consumer goods (FMCG) early this year to provide consumers with an online platform to create a non-monetary community for consumers and retailers.


Clic here to read the story from its source.