Egypt Faisal Islamic Bank gets FRA's approval for capital raise

Cairo –  The Egyptian Financial Regulatory Authority (FRA) approved a request from Faisal Islamic Bank of Egypt to publish the disclosure form to proceed with its capital increase procedures.

The disclosure form included the board of directors’ approval to raise the company’s issued capital by $66.02 million to $506.2 million from $440.19 million according to a statement to the Egyptian Exchange (EGX) on Sunday.

The capital increase will be carried out by issuing 66.03 million shares at a nominal value of $1 or its equivalent in the Egyptian pound per share through a 0.149-for-one bonus issue.

It is worth noting that at the end April, the Islamic lender’s business volume grew to EGP 109.6 billion from EGP 95.75 billion in the same month a year earlier.