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CIB files with EGX for capital hike

CIB files with EGX for capital hike
Photo Credit: Arabianeye-Reuters
CIB
COMI
-3.05% 80.00 -2.52

The Egyptian Exchange (EGX) announced it received Thursday a disclosure report from Commercial International Bank (CIB) – Egypt as regards proceeding with increasing issued capital.

The stock market management said it is studying the received documents.

The lender had announced increasing issued and paid-in capital from EGP 9.2 billion to EGP 11.5 billion. The EGP 2.3 billion increase is divided into 229.4 million shares at 1-for-4, to be financed from general reserves.

The bank proposed the distribution of cash dividends at EGP 1.1 billion for the fiscal year 2014.

CIB-Egypt had posted EGP 3.7 billion ($485 million) consolidated profit for FY14, with 23.3% growth year-over-year.

Photo Credit: Arabianeye-Reuters