Fawry’s (FWRY) board of directors (BOD) have agreed to increase the company’s capital by EGP 800 million, & are exploring a dual listing on a U.S. stock exchange.
Capital Increase💰 Fawry will increase its capital by EGP 800 million in a rights issue, similar to the last capital increase the company had in June of 2021.
Dual Listing🛫 Fawry’s (BoD) also approved the creation of an American depositary shares (ADS) program. ADSs are shares of a non-U.S. company that are held by a U.S. bank that facilitates investment in securities markets & are available for purchase by U.S. investors.
The amount of ADSs, timing, & size of the offering hasn’t been determined.
Why is this Important🤔 The funds from the capital increase will be used to fuel Fawry’s expansion plan & investment strategy.
Fawry aims to offer more financial services to consumers & merchants, & increase offerings on the myFawry app in an effort to become a super-app.
Fawry’s investment plan aims to support fintech companies, which complement the company’s offerings through e-commerce, logistics, fintech services, & other sectors.
