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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Fawry Rises 5% on EGX Trading


Wed 14 Aug 2019 | 09:05 PM
Taarek Refaat

Fawry shares continued its success in its second trading on the Egyptian Stock Exchange market to rise in the first minutes by about 4.83%, ignoring the slow trading of Eid al-Adha's holiday.

The stock price rose immediately to settle at EGP 8.89 with a trading value of EGP 3 million, through 338.6 thousand shares.

Meanwhile, the stock market turnover reached EGP 45.7 million, through 9.2 million shares, pushing Egypt's main index up by 0.66% to 14274 points.

The online payment service offered 36 percent of its shares on the stock exchange, of which 254.629 million are ordinary shares and the second are public offering by at a price of EGP 6.46 per share.

In addition, the private placement was oversubscribed 15.9 times with a value of EGP 7.1 billion.

The placement included 21 percent of Fawry's capital, equivalent to 149.94 million shares distributed between Actis, National Bank of Egypt (NBE) and Banque Misr, as well as 9.8 percent for institutional and strategic investors.

The IPO was oversubscribed 30.3 times, with 1.06 billion shares registered in the market, through 2.34 thousand purchase orders, compared to 35 million shares offered by the company, or 5 percent of the company's capital.

It is noteworthy that the Listing Committee of the Egyptian Stock Exchange approved the listing of Fawry with a issued capital of EGP 353.65 million, distributed over 707.3 million shares, with a par value of 50 piastres per share, represented in 8 issues.

The bourse said it would list the company's shares on the database starting Monday, July 29.

The bourse and banks operating in the Egyptian market will resume operations on Wednesday after the end of the feast.