Cairo – Mubasher: The Commercial International Bank - Egypt’s (CIB) board of directors approved a proposal to increase its issued and paid-up capital by 1 billion shares via a one-for-two bonus issue.

The capital raise will be funded from the general reserves with EGP 10 billion, the bank said in a bourse disclosure on Monday.

The board also approved a decision to increase the issued and paid-up capital by 12.27 million shares, as part of the employee stock ownership plan (ESOP).

The decisions are still pending regulatory approval.

In 2020, CIB reported consolidated net profits of EGP 10.23 billion, down from EGP 11.8 billion in 2019, excluding minority shareholders’ rights.