Al Baraka Bank – Egypt gets financial regulator approval for capital raise

Egypt’s Financial Regulatory Authority (FRA) approved on Tuesday the publication of a disclosure form submitted by Al Baraka Bank – Egypt to raise its capital.

The bank’s the board of directors decided to increase its authorised capital to 10 billion Egyptian pounds ($634 million) from 2 billion pounds.

In addition, the issued and paid-up capital will also be raised to 2.97 billion pounds from 1.85 billion pounds through the issuance of 159.63 bonus shares at a nominal value of 7 pounds apiece, totalling  1.11 billion pounds.

The 0.6-for-one bonus issue will be funded from the divisible profits shown in the financial statements for 2020, amounting to 1.42 billion pounds.