Cairo – Mubasher: Export Development Bank of Egypt on Thursday submitted a request to the Egyptian Exchange (EGX) to raise its issued and paid-up capital by EGP 288 million.

The bank is looking to increase its capital to EGP 1.72 billion from its current EGP 1.44 billion, the EGX said in a statement.

The capital top-up will be distributed across 28.8 million shares of a par value of EGP 10 per share and will be financed through the bank’s legal reserves and retained earnings from financial statements for 2016, the statement showed.

The bourse said it was examining the bank’s documents.

The Export Development Bank last reported a 5.6% decline in its consolidated net profit for the first half of fiscal year 2016/2017 to EGP 246.3 million from EGP 261.1 million for the same period in the previous fiscal year.

Earlier on Thursday, the bank’s stock rose 2.62% to EGP 9 by 10:55am Cairo time.