Cairo – Mubasher: Commercial International Bank-Egypt (CIB) has received the approval of the Financial Regulatory Authority (FRA) to proceed with the capital raise procedures.
CIB plans to increase its issued and paid-up capital by EGP 204.44 million to EGP 30.19 billion from EGP 29.99 billion, according to a bourse filing.
Meanwhile, the capital hike amount will be distributed over 20.44 million shares at a nominal value of EGP 10 per share.
On 24 January 2023, the board of the bank greenlighted the raise process, which is still subject to the approvals of both the shareholders as well as the Central Bank of Egypt (CBE).
Last month, the EGX-listed lender fully acquired Kenya-based Mayfair CIB at a total value of $40 million.
In the first nine months (9M) of 2022, CIB logged consolidated net profits worth EGP 12.19 billion, an annual leap from EGP 9.87 billion.
Additionally, the basic earnings per share (EPS) jumped to EGP 3.62 in 9M-22 from EGP 2.97 in 9M-21.
