EGB Gets Egypt Bourse’s Approval Going on Capital Raise

The securities listing committee of the Egyptian Exchange (EGX) approved on Thursday the Egyptian Gulf Bank (EGB)’s request to proceed with increasing issued and paid-up capital from $220,703 million to $233,560 million through bonus share distribution.

This comes in accordance with the lender’s board approved on Tuesday, February 25, the increase of the EGB’s capital through bonus share distribution that will be financed from FY13 earnings.
The bonus share distribution will be effected at 0.058-for-1.
The board authorized the Chairman to call for ordinary and extraordinary general meetings after obtaining the approval of the Egyptian Exchange (EGX).
The lender’s FY13 profit (EGBE.CA) rose 36.51% to EGP 190,091,560, compared with EGP 139,242,652 a year earlier.