In a filling to the Egyptian Exchange (EGX), Fawry stated that the proceeds will be used to fund the expansions of its financial services for both consumers and merchants
Egyptian payment company, Fawry, has revealed that it is currently exploring the possibility of listing in the US, as well as raising EGP 800 million ($50.9 million) of growth capital through a rights issue to existing shareholders.
In a filling to the Egyptian Exchange (EGX), Fawry stated that the proceeds will be used to fund the expansions of its financial services for both consumers and merchants.
Fawry’s board of directors recently approved the creation of an American Depository Shares (ADS) program, which Investopedia explains as “U.S. dollar-denominated equity share of a foreign-based company available for purchase on an American stock exchange.”
The schedule, number of ADSs and price of the proposed offering have yet to be decided.
“The proposed offering is subject to market conditions, shareholder and regulatory approvals, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering,” Fawry said.
Fawry is the largest Egyptian digital transaction and e-payment platform that caters to both consumers and businesses with a network of more than 30 partner banks, logging a daily average of 3 million transactions.