Fawry’s board of directors has approved the company’s request to negotiate the acquisition of an additional 48% stake in Fawry Plus.
Fawry already owns 38% of its subsidiary and wants to buy CIB’s 23.5% stake and Banque Misr’s 24.5% stake. When the acquisition is complete Fawry will own 86% of Fawry Plus. The acquisition of the Fawry subsidiary is estimated to cost $200 million.
The company plans to expand and grow its subsidiary Fawry Plus further. “We also aim to increase the number of Fawry Plus branches from the 90 we have so far, to 150 branches,” Ashraf Sabry, Fawry’s founder and CEO said to Reuters.
The e-payments company launched in the UAE in Q1 of 2020. The company has been growing during the pandemic with more people using e-payments during the lockdown and as a precautionary social distancing measure. Fawry reached a market of $1 billion in August 2020 and has since doubled that amount.
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