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Al Baraka Bank-Egypt's shareholders approve capital hike via bonus issue

Al Baraka Bank-Egypt's shareholders approve capital hike via bonus issue
The issued and paid-up capital will be increased by EGP 1.113 billion
Al Baraka Bank
SAUD
0.40% 12.68 0.05

Cairo – Mubasher: The ordinary general meeting (OGM) of Al Baraka Bank-Egypt approved a proposal to distribute dividends of 60% of the paid-up capital through a 0.6-for-one bonus issue.

The bank’s issued and paid-up capital will be increased by EGP 1.113 billion through the issuance of 159.63 million bonus shares at a value of EGP 7 apiece, according to a bourse disclosure on Sunday.

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