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Egypt: Fawry expected to join FTSE, MSCI Indices in 2021

5 years ago
in Business, highlights, Home, home-news, latest News, Markets
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The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt February 15, 2018. Picture taken February 15, 2018. REUTERS/Ehab Farouk - RC1EB93A5DA0

The headquarters of Fawry Company "Online Payment Portal" are pictured in Cairo, Egypt February 15, 2018. Picture taken February 15, 2018. REUTERS/Ehab Farouk - RC1EB93A5DA0

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Fawry for Banking and Payment Technology Services (FWRY) is forecast to join the FTSE and MSCI emerging markets indices in September 2021, according to a research by Arqaam Capital.

The company meets the liquidity requirements, which ensures inclusion in the FTSE EM All Cap Index’s next rebalancing on 21 September, with a weight of 0.0082%.

In January, Fawry’s board of directors approved to subscribe to the capital increase of Fawry Plus, as the company will be allowed to subscribe up to EGP 35 million.

During the first nine months of 2020, Fawry achieved a consolidated net profit before minority interest of EGP 119.2 million.

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.

Source: african-markets
Via: norvanreports
Tags: electronic payment networkFawry PlusFTSE and MSCI emerging markets indices
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