Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Suez Canal Bank to increase its issued capital.

The form includes the board’s decision to raise its issued capital to EGP 2.9 billion from EGP 2.2 billion through the issuance of 70.4 million shares valued at EGP 704.32 million or EGP 10 apiece, according to a statement to the Egyptian Exchange (EGX) on Monday.

The capital raise will be funded from 2019’s retained earnings and 2020’s profits.

Over the course of 2020, the bank achieved net profits of EGP 601.66 million, up from EGP 542.2 million a year earlier.