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CIB cleared by EGX to discuss capital hike

CIB cleared by EGX to discuss capital hike
Commercial International Bank
CIB
COMI
-3.05% 80.00 -2.52

The securities listing committee of the Egyptian Exchange (EGX) gave a nod for Commercial International Bank - Egypt, to post a disclosure form to discuss increasing issued and paid-in capital.

 

The lender had announced earlier that it mulls increasing issued and paid-in capital from EGP 9.2 billion to EGP 11.5 billion through bonus share distribution.


The EGP 2.3 billion increase is divided into 229.4 million shares at 1-for-4, to be financed from general reserves.

 

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