Cairo – Mubasher: The board of directors of Export Development Bank of Egypt (EBE) agreed to increase the paid-up and issued capital by EGP 545.6 million to EGP 3.27 billion from EGP 2.728 billion.

Through a 0.20-for-one bonus issue, the capital increase will be distributed over 54.56 bonus shares at a nominal value of EGP 10 apiece, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The capital increase will be financed from the earnings of fiscal year 2019/2020.

The decision is still pending the Central Bank of Egypt’s (CBE) approval.

During FY19/20, the bank logged net profits of EGP 1.103 billion, slightly down from EGP 1.116 billion a year earlier.