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Fawry’s OGM approves to buy Banque Misr’s stake in Fawry Plus

Fawry’s OGM approves to buy Banque Misr’s stake in Fawry Plus

ArabFinance: The ordinary general meeting (OGM) of Fawry for Banking Technology and Electronic Payment (FWRY) has approved the purchase of Banque Misr’s 14.988% stake in Fawry Plus Banking Services at a price of EGP 1.15 per share, Fawry revealed in a statement.

The purchase price is based on the fair value (FV) report conducted by the independent financial advisor Mazars Group, according to the statement.

Moreover, the OGM agreed on the signing of all required netting agreements with Banque Misr and assigned the company’s chairman and/or the managing director and CEO to sign the shares sale agreements and handle the required procedures to transfer ownership to Fawry.

The OGM also assigned the chairman to sign an agreement with Commercial International Bank (CIB) (COMI) to purchase the bank's 14.1 million shares, accounting for a 14.988% stake, in Fawry Plus Banking Services’ capital.

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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