ArabFinance: The Financial Regulatory Authority (FRA) has approved the publication of the disclosure regarding the decision of Fawry for Banking Technology and Electronic Payments (FWRY) board of directors to raise the companys capital, according to a statement.

The companys authorized capital is set to increase to EGP 3 billion from EGP 1 billion.

Moreover, Fawrys issued and paid-up capital is determined to be raised to EGP 1.65 billion from EGP 853.65 million by EGP 800 million distributed over 1.6 million shares at a par value of EGP 0.5 per share.

It is worth noting that the CEO of Fawry Ashraf Sabry said that the company plans to invest EGP 800 million in 2020.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.

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