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Egypt's CIB seeks to increase its capital by 25 pct
June 20, 2017 / 6:35 AM / 6 months ago

Egypt's CIB seeks to increase its capital by 25 pct

CAIRO, June 20 (Reuters) - Egypt’s largest listed bank, Commercial International Bank, will seek approval to issue bonus shares to increase its capital by 25 percent at its next general assembly meeting, the bank said in a statement published in local newspapers on Tuesday.

CIB invited its shareholders to hold a general meeting on July 18.

The bank said it will seek to increase its capital to 14.522 billion Egyptian pounds ($809 million) from 11.618 billion pounds through the distribution of a bonus share for every four original shares.

$1 = 17.9500 Egyptian pounds Reporting by Ehab Farouk; writing by Amina Ismail; editing by Jason Neely

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