Export Development Bank of Egypt receives FRA's approval for capital raise

Cairo – The Egyptian Financial Regulatory Authority (FRA) approved a request by Export Development Bank of Egypt (EBE) to raise its capital.

The bank’s authorised capital will be increased to EGP 10 billion from EGP 5 billion, while its paid-up and issued capital will be raised by EGP 545.6 million to EGP 3.27 billion from EGP 2.728 billion, according to a bourse disclosure on Monday.

The company will issue 54.56 million bonus shares at a nominal value of EGP 10 apiece, which will be financed from the profit shown in the financial statements for the year ended 30 June 2020.

During the first quarter (Q1) of fiscal year 2020/2021, the lender logged EGP 186.76 million in net profits, down from EGP 275.38 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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