Cairo – Mubasher: The board of directors of Export Development Bank of Egypt (EBE) gave initial approval for increasing the bank's issued and paid-up capital by EGP 3 billion to EGP 6.27 billion. 

The increase will be made in two phases: the first one is worth EGP 2 billion and will be raised in cash through a rights issue over a year, while the second one is worth EGP 1 billion, but the financing method has been not decided yet, the bank said in a disclosure to the Egyptian Exchange (EGX) on Monday. 

Following the announcement, the EGX resumed trading on the shares of EBE after being halted earlier on Monday. 

In fiscal year (FY) 2020/2021, the bank reported consolidated net profits of EGP 695.35 million, compared to EGP 1.103 billion in FY19/20, including minority shareholders' rights.