EGX oks listing Faisal Islamic Bank capital hike shares

The bank will increase its issued and paid-in capital to $506mln


ArabFinance: The Egyptian Exchange’s (EGX) listing committee held on February 7th approved listing the issued and paid-in capital increase of Faisal Islamic Bank of Egypt (FAIT), according to EGX’s recent statement.

The bank will increase its issued and paid-in capital to $506.22 million (EGP 7.93 billion) from $440.19 million (EGP 6.9 billion), distributed on 506.22 million shares at a par value of $1 per share (EGP 15.68).

Faisal Bank’s shares will be listed as of Monday, February 22nd, considering that the value equivalent to the nominal value is determined in Egyptian pounds according to the exchange rate announced by the Central Bank of Egypt on the date of listing.

In December 2020, the bank’s extraordinary general meeting approved the capital raise.

In March 2020, the bank announced its decision to raise the capital.

The listed bank reported a 24% Year on Year decline in its standalone net profit in 2020, recording EGP 2.05 million, compared to EGP 2.71 million in 2019.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services in accordance to Islamic Sharia principles through its head office and 27 branches located across the country.

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