The securities listing committee of the Egyptian Exchange (EGX) approved the request of Egyptian Gulf Bank (EGB) to proceed with increasing issued and paid-in capital from $220,703,002 to $233,560,494 through bonus share distribution.
The lender’s board approved on Tuesday, February 25, the increase of the company’s capital through bonus share distribution that will be financed from FY13 earnings. The bonus share distribution will be effected at 0.058-for-1. The board authorized the Chairman to call for ordinary and extraordinary general meetings after obtaining the approval of the Egyptian Exchange (EGX). The lender’s FY13 profit rose 36.51% to EGP 190,091,560, compared with EGP 139,242,652 a year earlier.