CIB OKs capital hike via bonus shares

Cairo – Mubasher: The board of International Commercial Bank (CIB) approved to raise issued capital to EGP 14.58 billion from EGP 11.6 billion through bonus shares.

The board agreed to distribute bonus shares resulted from the capital increase at a 1-for-4 ratio, the lender said in a filing to the Egyptian Exchange (EGX).

The board also decided to amend the articles 6 and 7 of the banks’ articles of association, the bank added.

In March, the ordinary general meeting (OGM) of CIB approved distributing a cash dividend of EGP 1 per share and bonus shares at a 1-for-4 ratio.

CIB’s capital amounts to EGP 11.62 billion distributed over 1.16 billion shares at a par value of EGP 10 per share.

Mubasher Contribution Time: 27-Aug-2018 08:53 (GMT)
Mubasher Last Update Time: 27-Aug-2018 09:01 (GMT)