Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved to publish the disclosure form of Faisal Islamic Bank of Egypt to proceed in capital raise procedures.  

The disclosure form includes the board of directors’ approval to increase the lender’s issued capital to $440.196 million from $366.83 million, FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday. 

The issued capital will be raised by $73.366 million, distributed over 73.36 million shares with a nominal value of $1 per share.

The capital increase will be financed by retained earnings based on financials ended 31 December 2018 by issuing one share for every five shares held with a nominal value of $1 apiece.

During the first quarter of 2019, the Egyptian bank logged a net profit of EGP 1.04 billion, compared to EGP 777.95 million during the same period in 2018.

As for standalone business, Faisal Islamic Bank of Egypt’s net profits stood at EGP 850.8 million in Q1-19 from EGP 777.9 million in Q1-18.