Egypt’s CIB seeks to raise its capital by 25%

Egypt’s largest listed bank, Commercial International Bank (CIB), will seek approval to issue bonus shares to raise its capital by 25 percent at its next general assembly meeting, the bank announced in a statement published Tuesday in local newspapers.

CIB invited its shareholders to hold a general meeting on July 18.

The bank said it will seek to increase its capital to 14.522 billion Egyptian pounds ($809 million) from 11.618 billion pounds through the distribution of a bonus share for every four original shares.

Source: Reuters