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Fawry for e-payments obtains EGP 160m loan from Egyptian-American Enterprise Fund

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Fawry for e-payments obtains EGP 160m loan from Egyptian-American Enterprise Fund

General assembly of Fawry for e-payments agreed to conclude EGP 160m loan between its subsidiary Fawry Microfinance and Egyptian-American Enterprise Fund

The ordinary general assembly of Fawry for e-payments has agreed to conclude an EGP 160m loan contract between its subsidiary, Fawry Microfinance, and the Egyptian-American Enterprise Fund.

According to a company statement, the general assembly also agreed to amend its contract for providing electronic services to Fawry Dahab for electronic services, to ensure that the service cost fee is adjusted to 17.25%, instead of 15%, of net revenues.

General decisions included approval of the financing offer submitted by Banque Misr, which is a shareholder and a board member, by granting cash facilities with an authorised cash limit of EGP 150m. It also agreed to increase the company’s authorised capital from EGP 500m to EGP 1bn.

At the same time, the Ordinary General Assembly agreed to increase the issued company’s capital with a free increase from EGP 353.652m to EGP 453.652m in nominal value for the benefit of old shareholders. This will be in proportion to their contribution to the issued capital of the company.

The increase in retained earnings is financed with an amount of EGP 100m distributed over 200 million shares, at the rate of 0.28 free shares for each original share worth EGP 0.5. The figure represents the nominal value of the share, according to the results of the financial statements for the year ending on 31 December 2019.

The decisions included increasing the company’s issued capital, a cash increase in nominal value from EGP 453.652m divided by 907.304m shares, with each having a value of EGP 0.5, to EGP 853.652m.

The increase is fully allocated for the benefit of the old shareholders, each of whom will benefit in proportion to their contribution to the company’s issued capital, and in accordance with the applicable rules in this regard.

It was also approved to trade the subscription right separately from the original share, pursuant to the rules for listing and delisting securities on the Egyptian Exchange (EGX) and its executive procedures.

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