Cairo – Mubasher: Export Development Bank of Egypt (EBE) approved a proposal to raise its paid-up and issued capital to EGP 3.27 billion from EGP 2.728 billion.
The board of directors decided to issue 54.65 million bonus shares at a nominal value of EGP 10 apiece, totalling EGP 545.6 million, to be financed from the profits shown in the financial statements for the year ended 30 June 2020, the bank said in a statement on Thursday.
The bank’s authorised capital will also be raised to EGP 10 billion from EGP 5 billion.
The decision will be referred to the bank’s shareholders for approval.
During the first quarter (Q1) of fiscal year 2020/2021, the lender logged EGP 186.76 million in net profits, down from EGP 275.38 million in the year-ago period, including minority shareholders’ rights.
