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EBE's shareholders approve EGP 545.6m capital raise via bonus issue

EBE's shareholders approve EGP 545.6m capital raise via bonus issue
The authorised bank’s capital will be double to EGP 10 billion

Cairo – Mubasher: The shareholders of Export Development Bank of Egypt (EBE) approved a proposal to increase the issued and paid-up capital to EGP 3.27 billion from EGP 2.72 billion.

The bank’s capital will be raised by EGP 545.6 million through the issuance of 54.56 million bonus shares at a nominal value of EGP 10 apiece, according to a bourse disclosure on Monday.

In addition, the bank’s extraordinary general meeting (EGM) approved a decision to increase the authorised capital to EGP 10 billion from EGP 5 billion.

During the first half (H1) of fiscal 2020/2021, the bank’s net profits declined to EGP 409.65 million, compared to EGP 602.81 million in the prior-year period, including minority shareholders’ rights.