ADIB Egypt’s shareholders nod to capital raise

Reuters/REUTERS

The increase amount will be distributed over 100 million shares

Staff Writer, Mubasher

March 26, 2024

PHOTO

Cairo – The shareholders of Abu Dhabi Islamic Bank–Egypt (ADIB Egypt) greenlighted the board’s proposal to raise the issued and paid-up capital by EGP 1 billion.

The increase amount will be distributed over 100 million shares at a nominal value of EGP 10 per share, according to a bourse filing.

The shareholders approved the capital hike during the general assembly meeting that was held on 21 March 2024, while the board members recommended the transaction last February.

In the January-December 2023 period, ADIB Egypt logged consolidated net profits after tax worth EGP 4.67 billion, an annual surge from EGP 2.18 billion.

Net income from returns hiked to EGP 8.92 billion last year from EGP 4.82 billion in 2022.

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