Egypt EDBE’s board approves capital hike

The capital increase will be carried out in two stages, the bank highlighted

  
A trader works at the Egyptian stock exchange in Cairo January 22, 2013.

A trader works at the Egyptian stock exchange in Cairo January 22, 2013.

REUTERS/Mohamed Abd El Ghany
 

Egypt - The board of directors of Export Development Bank of Egypt (EDBE) (EXPA) has approved in principle to raise the bank’s issued and paid-up capital by EGP 3 billion to EGP 6.273 billion, according to a statement to the Egyptian Exchange (EGX).

The capital increase will be carried out in two stages, the bank highlighted.

The capital will be increased by EGP 2 billion in cash under the first stage, while the financing method of the EGP 1 billion second stage has not been decided on yet, EDBE revealed.

It is worth noting that EDBE achieved a consolidated net profit of EGP 695.35 million in the fiscal year (FY) of 2020/2021, compared to EGP 1.10 billion in FY 2019/2020.

EDBE is an EGX-listed bank that offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.

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