Mohammed Okasha: Private placement applications will be received next week after tour to Dubai and London

Yasmin Mounir and Rada Ibrahim

Mohamed Okasha, chief executive of Furi Electronic Payment Company, revealed the details of Furi's private promotion, which includes holding a series of meetings with local, Arab and foreign funds and institutions up to the end of the week.

In a special statement to Habibi Journal, Okasha said that the promotional tour had started for a day in Egypt. Today, many meetings will be held in Dubai, followed by a trip to London to hold meetings. similar meetings with international institutions for two days.

"We are looking forward to receiving requests for private placements during the week following the completion of the promotion," Okasha said.

"The share of the IPO is 5%, against 10% for private placements and 21% for strategic investors and financial institutions," said Ashraf Sabri, head of Furi Electronic Payments.

The Hapi Journal portal revealed yesterday that ACTS had acquired 7% of the agreed share from strategic investors and financial institutions, as well as National Bank and Misr Bank.

The listing committee of the Egyptian Stock Exchange has recently approved the listing of shares of Furi Technology Banking and Electronic Payments in the capital of 353,652 million Egyptian pounds distributed over 707,304 million shares with a par value of 50 piastres per share.

Ashraf Sabri revealed that the valuation of the company, which will rely on the determination of the price of the stock at its next IPO on the stock market, amounts to $ 275 million.

The valuation will be included in the final prospectus of the offer in Egyptian pounds according to the average exchange rate of the dollar between the buying and selling of the Central Bank the day before the offer.

Sabri pointed out that, according to the current exchange rate and the initial valuation of the company, the share price would be around 6.5 LE.