Fawry, a leading fintech company led by Egyptian businessman Ashraf Sabry, increased its market capitalization by EGP992.2 million ($53.6 million) on Tuesday’s trading session following the execution of block trading deals on its shares.
A bourse filing on the Egyptian Stock Exchange on Sunday and Tuesday revealed two-block trading deals on Fawry for Banking Technology and Electronic Payments shares worth a total of $123.4 million.
The execution of the block trading deals mopped up existing offers of Fawry shares on the local bourse, resulting in a surge in investor demand for the company’s stock.
According to data obtained by Billionaires.Africa, market activity from the block deal caused Fawry’s shares to rise by 6.4 percent on the local exchange, from a price of EGP4.69 ($0.254) at the start of business this morning to EGP4.99 ($0.27) at the time of writing.
The increase in the company’s shares during today’s trading session increased its market capitalization by EGP992.2 million ($53.6 million) from EGP15.51 billion ($838.56 million) at the start of business this morning to EGP16.5 billion ($892.2 million) at the time of writing this report.
Fawry is one of Africa’s leading fintech companies, with a technology that provides more than 250 e-payment services through a network of over 105,000 service points in 300 Egyptian cities.
Sabry, who created the payment platform in 2008 and championed electronic bill payments in Egypt, owns 2.345 percent of the company.
In recent weeks, the Egyptian fintech firm revealed plans to increase its issued capital by EGP800 million ($50.9 million) in order to fund its expansion.
The planned raise through a rights issue for existing shareholders increased the company’s share capital from EGP853.65 million ($54.3 million) to EGP1.653 billion ($105.1 million).
The leading fintech firm has also announced plans to list in the United States through an SEC-registered secondary offering.
This will result in the issuance of an American Depository Shares program, which is an equity share in a non-U.S. firm held by a U.S. depository bank and available for purchase by U.S. investors.
