Cairo - Mubasher: The board of directors of Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) approved a decision to proceed with setting up a Sukuk company. 

The company will be established with an authorised capital of EGP 100 million and issued capital of EGP 10 million, ADIB Egypt said in a bourse disclosure on Sunday. 

The bank will own 98% of the to-be-established company.

In the first quarter (Q1) of 2021, ADIB Egypt logged consolidated net profits of EGP 332.22 million, up from EGP 230.35 million in Q1-20, including minority shareholders' rights.