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QNB Al Ahli to hike capital, split shares

QNB Al Ahli to hike capital, split shares
QNB Al Ahli to hike capital, split shares
QNB Al Ahli
QNBA
-6.62% 32.02 -2.29

Cairo – Mubasher: QNB Al Ahli’s board has recommended raising the bank’s issued capital by EGP 979.4 million to EGP 10.77 billion from its current EGP 9.79 billion.

The capital hike will be carried out through a bonus share issue at a ratio of 1 to 10, that is one share for each 10 held, the lender said in a filing to the Egyptian Exchange (EGX) on Wednesday, noting that the issuance will be financed from 2018 reserves.

QNB Al Ahli has also mandated the board and the managing director to call for an ordinary and an extraordinary general meeting to approve the capital increase, changes to articles 6 and 7 of the articles of association as well as splitting the share to EGP 5 from EGP 10.

On Tuesday, QNB Al Ahli said it had invested EGP 39.9 billion ($2.23 billion) in 2018.

The bank had also reported EGP 7.2 billion in profits for the full year 2018, a rise from EGP 5.5 billion in 2017, while returns from offered loans increased to EGP 30.5 billion in 2018 from EGP 24.5 billion in the previous year.