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EGX approves EG Bank’s capital raise

EGX approves EG Bank’s capital raise
EG Bank reported a net profit of EGP 659.53 million in 2019
Egyptian Gulf Bank
EGBE
10.82% 0.54 0.05

Cairo – Mubasher: The listing committee of the Egyptian Exchange (EGX) approved increasing the Egyptian Gulf Bank’s (EG Bank) issued and paid-up capital to $390.61 million from $365.36 million.

Shares of the capital increase will be listed as of the beginning of trading session on Monday, 3 February, the EGX said in a statement on Sunday.

The bank’s issued and paid-up capital will be increased by $25.25 million, distributed over 25.25 million shares at a nominal value of $1 apiece, through the distribution of bonus shares, according to financial statements for the period ended 31 December 2018.

For the full-year 2019, EG Bank reported a net profit of EGP 659.53 million, compared to EGP 579.98 million a year earlier.