Egypt’s CIB bank to issue dividend of 0.5 Egyptian pounds per share for 2016

Commercial International Bank (CIB), Egypt’s largest listed company, announced Wednesday its board recommends a cash dividend of 0.50 Egyptian pounds ($0.0265) per share for 2016.

The CIB board also approved a Tier 2 capital loan of up to $300 million, the bank said in a bourse statement, adding that the float of the Egyptian pound Nov. 3 had resulted in a fall in the value of its assets and commitments in foreign currencies amounting to 325 million pounds.

($1 = 18.8500 Egyptian pounds)

Source: Reuters