Egypt’s Raya Approves Seizing HSBC Stake in Fawry

Egypt’s Raya Holding for Technology and Communication said on Sunday its board of directors has approved seizing HSBC Bank Egypt stake in Fawry Electronic payment company in a deal worth EGP 5.2 million.

HSBC bank stake in Fawry reached 280 thousand shares with EGP18.62 per share and with EGP5.213 million total value of the deal.

The firm added that it will acquire 280,000 shares at EGP 18.62 per share which is the fair value for the company’s shares assessed at the end of 2012 when the international finance cooperation (IFC) participated in the capital increase at the fair value.

Fawry, Arabic for immediate, offers payment options for telephone and internet service providers as well as other services.