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EBE to be first to raise capital in EGX

EBE to be first to raise capital in EGX
The EBE will raise its minimum base capital in accordance with the terms of the new law proposed by the CBE

Cairo – Mubasher: The Export Development Bank of Egypt (EBE) will increase its capital, to be the first out of six banks which need to raise their minimum base capital in accordance with the terms of the new law proposed by the Central Bank of Egypt (CBE), according to a bourse filing on Sunday.

Six banks listed on the Egyptian Exchange (EGX), which have retained profits and a capital of less than EGP 1.5 billion, will move to distributing bonus shares, analysts told Mubasher, expecting a good performance for the banking sector after applying the new law.

The EBE submitted the registration documents to increase capital from EGP 1.4 billion to EGP 1.7 billion, funded by statutory reserves and retained earnings, the EGX said.

The documents are being checked for submission to the Listing Committee, the EGX added.

In July 2017, the extraordinary general meeting (EGM) of the EBE approved raising the authorised capital to EGP 5 billion from EGP 2 billion.