The listing committee of the Egyptian Exchange (EGX) has approved a request received from Al Baraka Bank – Egypt to convene ordinary and extraordinary general meetings to discuss a capital raise.

The bank is planning to raise issued capital by EGP 62.65 million to EGP 957.7 million from EGP 895.03 million, divided into 8.95 million shares at EGP 7 per share.

EGX also approved raising the bank’s authorized capital to EGP 2 billion from EGP 1 billion.

The listing committee also gave a nod for Golden Coast to convene an extraordinary general meeting to look into increasing issued capital from EGP 20 million to EGP 50 million.

The EGP 30 million increase, divided into 7.5 million shares at EGP 4 par value each, will be financed through a rights issue.

Photo Credit: Arabianeye-Reuters