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Faisal Islamic Bank approves $66m capital raise via bonus issue

Faisal Islamic Bank approves $66m capital raise via bonus issue
The bank reported net profits of EGP 2.71 billion in 2019

Cairo – Mubasher: The board of directors of Faisal Islamic Bank of Egypt approved a disclosure form to proceed in its capital raise procedures.

The board decided to increase its issued and paid-up capital by $66.02 million to $506.2 million from $440.19 million through issuing 0.149 bonus share for every share held, according to a bourse statement on Monday.

Earlier, the bank's shareholders decided to increase the bank’s issued and paid-up capital by 15% through the issuance of bonus shares to be financed by retained earnings.

For the full-year 2019, the bank reported net profits of EGP 2.71 billion, compared to EGP 2.51 billion in the prior year.