Cairo – Mubasher: Export Development Bank of Egypt (EBE) has announced that the first phase of the rights issue for the capital raise was oversubscribed by 78.29%.

The first phase’s subscription volume stood at 156.59 million shares, while a total of 43.40 million shares will be offered for subscription as part of the second phase, according to a bourse disclosure on Tuesday.

The Egyptian lender aims to raise its capital to EGP 5.27 billion from EGP 3.27 billion.

Last February, the ordinary general meeting (OGM) of EBE granted its green light to increase the issued and paid-up capital through a rights issue of 200 million shares at a nominal value of EGP 10 per share.