Egyptian fintech firm founder Ashraf Sabry has seen the market value of his stake in Fawry decline by $1.3 million over the past month, driven by the recent plunge in the company’s shares on the Egyptian Stock Exchange.
Data gathered by Billionaires.Africa revealed that Sabry’s stake in Fawry has decreased by EGP 39.64 million ($1.3 million) since Sept. 7 as investors continue to offload their shares in Fawry, a leading name in Africa’s fintech sector.
This follows the $1.5-million decline in the market value of his stake in Fawry between Jan. 1 and Sept. 7, when his shares in the fintech firm declined from EGP214.59 million ($6.95 million) to EGP220.60 million ($7.14 million).
Fawry, one of Africa’s leading fintech companies, proudly lists esteemed shareholders, including prestigious institutions such as the National Bank of Egypt, Banque Misr, Alpha Oryx Limited UAE, Egyptian American Enterprise Fund, and Link Holdco.
The fintech firm operates an electronic bill payment network that enables the Egyptian public to conveniently and securely pay their bills and top up their mobile phones through the various electronic channels available at banks and a network of retailers.
Sabry, a leading Egyptian entrepreneur who launched the payment platform in 2008 and pioneered electronic bill payments in Egypt, controls 2.345 percent of the company, or 40,036,282 shares. Sabry is presently the CEO of Fawry.
The share price of Fawry on the Egyptian Stock Exchange has experienced a 17.49-percent decline in the past 30 days, falling from EGP5.66 ($0.184) on Sep. 7 to EGP4.67 ($0.152) at the time of reporting, thus pushing the company’s market capitalization below $510 million.
Due to the double-digit percent decline, the market value of Sabry’s stake in Fawry has fallen by EGP39.64 million ($1.3 million), from EGP226.6 million (7.38 million) on Sep. 7 to EGP186.97 million ($6.1 million) at the time of writing.
