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Fawry intends to double its authorized capital to EGP 1 bn, according to documents submitted to the EGX picked up by the local press. The company also plans to raise its issued capital by EGP 100 mn to EGP 453.65 mn through the issuance of 200 mn freeshares as a benefit-in-kind at a nominal value of EGP 0.5 apiece.
Other things we’re keeping an eye on this morning:
- Al Sharif Group (ASG) has reportedly agreed with Mandarin Oriental HotelGroup to manage downtown’s long dormant Shepheard Hotel, according to Holding Company for Tourism and Hotels Chairman Mervat Hataba. ASG is working on refurbishing the hotel.
- People caught dumping garbage in the country’s sewage system could face fines of up to EGP 10k and a formal investigation by the public prosecution.
