Egypt’s Fawry plans Egypt Stock Exchange listing

Bloomberg/Shawn Baldwin

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The digital payments firm is planning the share offering for this year or early 2020.

Thursday 11, July 2019 BY MUZORIWA KUDAKWASHE

The Managing Director of Egyptian based digital bill payments company, Fawry, said that the firm has begun preparing for a share offering on Egypt Stock Exchange (EGX), reported Reuters.

Mohamed Okasha, the Managing Director of Fawry, said that the general direction of the company's current shareholders is initial public offering (IPO) on the Egyptian stock exchange and preparing for the share sell are underway.

According to local daily, Fawry plans to list 45 per cent of its shares on Egypt's stock market in the coming weeks to raise about EGP 2.5 billion ($150.74 million), adding that EFG Hermes will manage the IPO and Zulficar & Partners will serve as legal counsel.

TAGS : EGX, Fawry, IPO

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