Cairo – Mubasher: The ordinary general meeting (OGM) of the Commercial International Bank – Egypt (CIB) on Wednesday approved the recommendation to distribute a cash coupon of EGP 0.50 per share to shareholders for fiscal year 2016.

The dividend distribution will start on 6 April, the bank said in a statement to the Egyptian Exchange (EGX).

Shareholders registered in the bank’s books by the end of trading on 3 April will be entitled to the dividends, the statement added.

CIB’s board had proposed a dividend to shareholders of EGP 0.50 per share, totalling EGP 576.9 million.

In a separate filing, CIB announced the appointment of Hussein Abaza as its new CEO and as a board member, following the approval of the Central Bank of Egypt (CBE).

The EGX’s heaviest-weighted bank last reported a 27.4% increase in profits to EGP 6.023 billion in 2016.

By 10:50 am Cairo time, CIB’s stock traded down 0.58% to EGP 76.55.