Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved the listing of capital raise shares of Suez Canal Bank.

The bank’s issued and paid-up capital will be raised to EGP 2.2 billion from EGP 2 billion through the issuance of 20 million bonus shares valued at EGP 10 per share, according to a statement on Wednesday.

The one-for-10 bonus issue will be funded from the dividends for 2019 as per the financial results for the period ended 31 December 2019.

The eligibility for the bonus issue is for shareholders owning shares until the end of the trading session on Wednesday, 31 March.

The capital raise shares will be listed on the database as of Thursday, 1 April.

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