Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Al Baraka Bank - Egypt to raise its capital.

The form includes the board’s decision to increase its authorised capital to EGP 10 billion from EGP 2 billion, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

In addition, the issued and paid-up capital will also be raised to EGP 2.97 billion from EGP 1.85 billion through the issuance of 159.63 bonus shares at a nominal value of EGP 7 apiece, totalling EGP 1.11 billion.

The 0.6-for-one bonus issue will be funded from the divisible profits shown in the financial statements for 2020, amounting to EGP 1.42 billion.

Over the course of 2020, the bank logged EGP 1.25 billion in net profits, up from EGP 1.07 billion a year earlier, including minority shareholders’ rights.