"Fawry" Sets Final Share Price on EGX

Fawry, the specialist in electronic payment services, has set the final price for its shares on the Egyptian stock exchange market (EGX).

The company said in a statement that more than 254.629 million shares will be offered at a bid price of EGP 6.46 per share.

On July 21, Fawry's Chief Financial Officer (CFO) Abdel Meguid Afifi announced that the company decided to put about 36 percent of the company's shares on the EGX.

He added that the Initial public offering (IPO) will be pided into two tranches, the first with a special offering of 31 percent and the second with a public offering of 5 percent.

Vice President of the National Bank of Egypt (NBE) Yehia Abul Fotouh said earlier that the bank acquired 7 percent of the shares in a private offering.

Egyptian Stock Exchange's (EGX) Listing Committee approved the IPO with an issued capital of EGP 353.65 million distributed over 707.3 million shares at a nominal value of 50 piasters per share, represented in 8 issues of the Egyptian securities listing schedule.

The stock exchange indicated on Monday that it will list the company's shares on the database starting next Monday, following completion of the registration period of 5 working days.