Fawry for Banking and Payment Technology Services SAE (Fawry) announced on Sunday its intention to offer up to 254,629,483 existing ordinary shares representing 36% of the company's outstanding share capital to be listed on the Egyptian Exchange (EGX) currently owned by PSI Netherland Holding BV (selling shareholder). In a press statement issued, the offering will include a local private placement to institutional investors outside the United States, Australia, Canada, and Japan (institutional offering), and an Egyptian public offering to retail investors in Egypt (Egyptian retail offering) and together with the institutional offering, the (combined offering). Furthermore, according to the statement, shares offered in connection with the institutional offering and the Egyptian retail offering will be offered and sold at the same price (offer price). The offering is to be managed by EFG Hermes, and Fawry received the registration approval from the Financial Regulatory Authority (FRA) to register the company in anticipation for its listing on the EGX and offering of the shares in the combined offering. Fawry will complete the listing procedures with the EGX and obtain from the FRA a non-objection to publish the public subscription notice (PSN) in order to proceed with the combined offering and for the shares to be admitted for trading on the EGX. Fawry's CEO, Ashraf Sabry, said "Fawry has succeeded in establishing an unparalleled network that serves and integrates consumers, merchants, and corporates through its digital payment enabling services. Our commitment to addressing the needs of our diversified client base by offering innovative solutions has been the main driver of our substantial growth over the years. Following on this success, Fawry aims to continue expanding its service offering to all its clients."
