Cairo – Mubasher: Fawry for Banking Technology and Electronic Payments entered into a new agreement with Svreico Real Estate Investment Company to acquire an 80% stake in the Svreico administrative building in the Smart Village.
The EGX-listed company indicated that the administrative building does not represent 10% or more of the company's equity based on the latest financial statements, according to a bourse filing.
In this regard, the transaction does not require the preparation of a fair value study of the assets being acquired by an independent financial advisor.
During the first half (H1) of 2024, Fawry generated consolidated net profits valued at EGP 685.91 million, an annual leap of 111.10% from EGP 324.84 million.
