UNB Egypt approves optional write-off of shares on EGX

Cairo – Mubasher: Union National Bank - Egypt (UNB Egypt) said that its board of directors has approved to optionally write off the bank’s shares listed on the Egyptian Exchange (EGX).

The extraordinary general meeting (EGM) will be discussing the write-off decision, the bank added in a statement to the EGX.

Moreover, the EGM will consider buying shares held by minority shareholders at the fair value set by the independent financial advisor after being reviewed by the Financial Regulatory Authority (FRA), UNB Egypt highlighted.

The board also accepted the resignation of board member Mohammed Mostafa Abdel Atti as the representative of UNB UAE from the board of UNB Egypt, the bank highlighted.

It is worth noting that UNB Egypt had recorded a net profit of EGP 109.73 million during the three-month period ended 31 March 2019, versus EGP 60.04 million in the year-ago period.

Mubasher Contribution Time: 01-Aug-2019 05:44 (GMT)
Mubasher Last Update Time: 01-Aug-2019 05:44 (GMT)