EDBE approves capital increase

The increase will be financing from the profit

ArabFinance: The Export Development Bank of Egypt’s (EDBE) (EXPA) board of directors approved issued and paid-in capital increase by EGP 545.6 million, according to the company’s October 25th statement filed to the Egyptian Exchange.

The bank will increase the capital from EGP 2.728 billion to EGP 3.273 billion. The bank will issue 0.20 free share for every one held.

The increase will be financing from the profit of the fiscal year (FY) 2019/2020.

EDBE reported a consolidated net profit of EGP 1.104 billion in the FY 2019/2020, compared to EGP 1.117 billion achieved in FY 2018/2019.

EDBE is an Egypt-based public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.

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