The FRA has approved Fawry’s (FWRY) request to double its paid-in capital from EGP 853.6 million to EGP 1.65 billion.
More Details🧐 Fawry will distribute the EGP 800 million over 1.6 billion shares at a par value of EGP 0.5/share. The capital increase will be through a rights issue subscription to existing FWRY shareholders.
Fawry will also increase its authorized capital from EGP 1 billion to EGP 3 billion.
Why is this Important🤔 Through this capital increase, Fawry aims to strengthen its financial position to prepare for future expansion & investments.
The company plans to dedicate EGP 400 million of the proceeds to expand in the fields of microfinance, consumer finance, digital insurance services, & investment funds.
EGP 300 million will be used to upgrade services offered on the myFawry app.
While EGP 100 million will be set aside for direct investment in promising companies, inside or outside Egypt.
The EGX suspended trading on FWRY yesterday for 10 minutes; the stock closed down 1.54% at the end of yesterday’s trading session.