EGX approves listing Suez Canal Bank's $12.9mln capital increase

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The Egyptian Exchange’s (EGX) listing committee has approved listing the issued and paid-up capital increase of the Suez Canal Bank of EGP 400 million distributed over 40 million bonus shares at a nominal value of EGP 10 per share, as per a disclosure on February 13th.

Thus, the capital shall be raised from EGP 4.6 billion to EGP 5 billion.

The 0.0869-for-1 bonus shares will be distributed, with eligibility in distribution to shareholders until a record date of February 13th.

The company's capital after the increase will be listed on the EGX's database on February 14th.

Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.

The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, and administrative.