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Egypt’s Fawry to raise $50.8 million growth capital and explore a US Listing.

Fawry for Banking and Payment Technology Services S.A.E. (the “Company,” FWRY.CA on the Egyptian Exchange) stated  that it plans to raise EGP800 million ($50.8 million) in expansion capital from current shareholders through a rights issue. The funds will be used to launch a new chapter of financial service growth for both consumers and merchants.

The offering will assist place the Company at the forefront of Egypt’s Super App opportunity, in addition to expanding the Company’s products on MyFawry. Furthermore, the company will continue to invest in improving its merchant acquiring and supply chain solutions strengths.

A portion of the funds will be used to carry out the Company’s investment plan, accelerate innovation, and assist the nascent ecosystem of high-growth startups and fintech that complement Fawry’s offering through e-commerce, logistics, financial services, and insuretech, among other verticals.

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The Company’s board of directors, which includes directors who represent the company’s major shareholders (whether institutional investors or financial institutions), has approved the proposal to raise capital to fund the company’s growth plans if the necessary shareholder and regulatory approvals are obtained.

The Company’s board of directors also approved the formation of an American Depositary Shares (“ADS”) program, and the company is looking into a possible SEC-registered secondary offering in the United States. 

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The proposed offering’s timing, amount of ADSs, and price have yet to be established. The proposed offering is subject to market conditions, shareholder and regulatory approvals, and no assurance can be given as to whether or when the offering will be completed, or as to the size or terms of the offering.

These materials do not constitute an offer to sell securities in the United States. The securities cannot be sold in the United States unless they have been registered or have received an exemption from registration under the Securities Act of 1933, as amended. 

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Any public offering of securities will be conducted through the use of a prospectus, which can be obtained from the Company and will include full information about the Company and its management, as well as financial statements.

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Weddy Thuranira
Weddy Thuranira
Weddy profiles new startups and innovators across Africa and announces funding rounds, mergers, acquisitions and startup partnerships across Africa. She is based in Nairobi, Kenya. Reach her and the entire news desk at [email protected]

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