ADIB Egypt’s issued, paid-up capital raise 93.48% oversubscribed

Cairo – The Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) announced that subscription to its issued and paid-up capital raise was covered by 93.48%.

A total of 93.48 million shares were subscribed during the first phase of subscription, which took place from 18 December 2022 to 16 January 2023, according to a stock exchange statement on Wednesday.

The remaining shares, amounting to 6.51 million shares, will be offered through a second phase of subscription.

In October 2022, the lender’s ordinary general meeting (OGM) approved increasing the bank’s issued and paid-up capital by EGP 1 billion to EGP 5 billion from EGP 4 billion.

The capital hike will be distributed over 100 million shares at a nominal value of EGP 10 a share.

In the first nine months (9M) of 2022, ADIB Egypt reported consolidated net profits worth EGP 1.58 billion, higher than EGP 1.06 billion in 9M-21.

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