Cairo – Mubasher: The board of Export Development Bank of Egypt (EBE) has agreed to increase the issued and paid-up capital by EGP 1.32 billion to EGP 6.60 billion from EGP 5.27 billion, according to bourse disclosure.

The lender noted that the capital raise will be carried out in two phases, where in the first transaction EBE will increase its capital by EGP 327.36 million through bonus shares, which will be distributed over 32.73 million shares.

Meanwhile, the second phase will amount to EGP 1 billion through a rights issue of 100 million shares at a nominal value of EGP 10 per share.

Last February, the listed bank’s shareholders greenlighted a capital raise to EGP 5.27 billion from EGP 3.27 billion through a rights issue.

During the first half (H1) of 2022, EBE posted a 118.20% leap in net profit to EGP 621.94 million, versus EGP 285.07 million in the year-ago period.