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FRA approves EG Bank’s capital raise procedures

FRA approves EG Bank’s capital raise procedures
The company’s issued capital by increased by $32.12 million
Egyptian Gulf Bank
EGBE
-0.62% 0.32 -0.00

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request to publish the disclosure form of the Egyptian Gulf Bank (EG Bank) to proceed in raising its issued capital.

The disclosure form includes the board of directors’ decision on 18 January to increase the company’s issued capital by $32.12 million to $422.7 million from $390.6 million, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The capital increase will be financed from the company’s retained earnings shown in the financial statements for the year ended 31 December 2019.

It is noteworthy that during 2019, EG Bank’s net profit grew to EGP 657.9 million from EGP 559.98 million in the previous year.