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CIB approves capital hike through bonus shares

CIB approves capital hike through bonus shares
The bank's capital total EGP 11.61 billion
CIB
COMI
-3.05% 80.00 -2.52

By: Ahmed Allam

Cairo - Mubasher: The ordinary general meeting (OGM) of the Commercial International Bank - Egypt (CIB) has approved raising the company’s capital from EGP 11.6 billion to EGP 14.52 billion.

The capital hike will be funded from the company’s reserves through the distribution of bonus shares at 25%.

The OGM has also approved the board reshuffle since the latest meeting.

The bank’s profits totalled EGP 1.75 billion during the three-month period that ended 30 March 2017, compared to EGP 1.29 billion for the corresponding last year.