Egypt’s CIB approves capital hike through bonus shares

The ordinary general meeting (OGM) of Commercial International Bank- Egypt (CIB) has approved raising the company’s capital from 11.6 billion Egyptian pounds to 14.52 billion pounds.

The capital hike will be funded from the company’s reserves through the distribution of bonus shares by 25 percent.

The OGM has also approved the board reshuffle since the latest meeting.

The bank’s profits climbed to 1.75 billion pounds during the three-month period that ended 30 March 2017, compared with 1.29 billion pounds for the corresponding last year.