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The Egyptian company “Fawry” plans to offer its shares in the United States


The board of directors of Fawry Company for Electronic Payments, listed on the Egyptian stock exchange, has approved the establishment of the American Deposit Certificates Program, which will allow the company to list part of its shares in the United States.

The company’s CEO, Ashraf Sabry, said in a statement that the board also approved the company’s exploration of a secondary offering registered with the US Securities and Exchange Commission.

Sabri did not provide further details regarding the plan or timing of the potential offering, which will remain subject to market conditions and obtaining shareholder and regulatory approvals.

Fawry is one of the leading electronic payment companies in Egypt and operates in the field of bill payment through a variety of channels, including ATMs, mobile wallets and outlets, as well as payment online.

Fawry offered 254.6 million shares on the Egyptian stock exchange in July 2019, equivalent to 36% of its capital, in the form of a partial exit from major shareholders.

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