Fawry has previously announced its desire to negotiate for the acquisition of the 48% company stakes held by shareholders
Egypt’s E-payment giant Fawry is looking to purchase a combined 30% stake in its subsidiary, Fawry Plus for Banking Services, from state-owned Banque Misr and Commercial International Bank (CIB).
Fawry for Banking Technology and Electronic Payments’ ordinary general meeting (OGM) has approved to purchase Banque Misr’s 14 million shares, representing 14.98% of its capital valued at EGP 1.15 per share, writes a statement to the EGX.
Additionally, the OGM has approved the board to prepare and sign a contract to buy CIB’s 14.98% stake, which also represents around 14 million shares, as well.
Fawry previously announced its desire to negotiate for the acquisition of the 48% company stakes held by shareholders back in February. Fawry for Banking Technology and Electronic Payments currently owns 38% of Fawry Plus for Banking Services’ shares.
Fawry was named the 2nd most influential local brand in Egypt by multinational market research company, Ipsos, in its “Most Influential Brands in Egypt” report back in April.
Fawry’s recent disclosure states that it saw a 125.5% surge year-on-year in its net profits, reaching EGP 85.79 million, in Q1 2021.
The company’s operating revenues hiked to EGP 348.99 million in the January-March period, compared to EGP 257.99 million in the same period in 2020, according to a bourse disclosure on Sunday.