Egypt’s E-Finance increases capital by 4%

Egypt’s leading fintech player, E-Finance has approved a capital raise by 4 percent to 924.44 million Egyptian pounds ($58.8 million) from 888.88 million pounds.

The capital increase will be distributed to employees through an Employee Stock Ownership Plan (ESOP) in line with the extraordinary general assembly’s decisions, the company said in a bourse filling on Tuesday.

The assembly, held on September 15, 2021, also decided the amendment of Articles 6 and 7 of the company’s statutes accordingly.