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CAIRO, July 21 (Reuters) – Egyptian digital payment company Fawry plans to introduce 36 percent of its shares into its national stock market, the investment bank EFG Hermes said Sunday.
The offer will include a private placement for institutional investors and an initial public offering (IPO) for small investors in Egypt at the same price, said EFG Hermes, who manages the sale.
The bank gave no indication of the expected bid price.
Fawry's chief executive this month told Reuters that the company had begun preparations for its IPO in the Egyptian market and that the process would be implemented in 2019 or early 2020.
Owned by local and foreign investment banks, Fawry was founded in 2009 and holds approximately 8% of the shares in the hands of management and employees.
Fawry's network handled 600.1 million transactions last year for a total value of 34.2 billion Egyptian pounds ($ 2.1 billion), said EFG Hermes in its statement.
The company achieved a net profit of 152 million pounds in 2018, up 41.2% from the previous year.
The last IPO of a private company on the Egyptian stock exchange took place last October in the company Sarwa Capital financing solutions.
$ 1 = Egyptian pounds 16,500
Report by Ehab Farouk
Written by Yousef Saba
Edited by David Goodman
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