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ADIB Egypt’s board approves EGP 2bn capital hike, equity exit from Cairo National

ADIB Egypt’s board approves EGP 2bn capital hike, equity exit from Cairo National
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Abu Dhabi Islamic Bank
ADIB
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Cairo – Mubasher: The board of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) has approved an increase in the paid-up and issued capital to EGP 4 billion from EGP 2 billion.

The EGP 2 billion capital raise will be distributed over 200 million shares at a nominal value of EGP 10 per share, according to a bourse filing on Sunday.

Meanwhile, the board also agreed on selling the bank's 50.88% stake in the capital of Cairo National Company for Brokerage and Securities.

It is noteworthy to mention that during the first half (H1) of 2021,  ADIB Egypt recorded net profits worth EGP 680.15 million, compared to EGP 530.57 million in H1-20.