Egypt FRA approves Housing and Development Bank's capital raise
The capital raise will be funded from the distributable profits shown in the financial statements for the period ended 31 December 2020
By Mubasher, Mubasher
Cairo – The Egyptian Financial Regulatory Authority (FRA) approved the disclosure form submitted by Housing and Development Bank (HDB) to proceed with the capital increase process.
The bank’s board of directors previously approved a decision to increase the issued capital by EGP 126.5 million to EGP 1.77 billion from EGP 1.64 billion, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.
The capital raise will be funded from the distributable profits shown in the financial statements for the period ended 31 December 2020.
During 2020, the lender achieved net profits of EGP 2.06 billion, down from EGP 2.22 billion a year earlier.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
Get Zawya's daily newsletter for insightful and exclusive Middle East perspectives on business and finance. SUBSCRIBE NOW