Cairo – Mubasher: Abu Dhabi Islamic Bank (ADIB) Egypt said its second extraordinary general meeting (EGM) will convene on 19 May to discuss whether to continue with operations in Egypt or not after the bank reported losses exceeding half its capital.
ADIB Egypt’s capital amounts to EGP 2 billion divided on 200 million shares at par value of EGP 10, while accumulated losses reached EGP 2.96 billion by the end of December 2015, the bank said in a filing to the Egyptian Stock Exchange (EGX) on Monday.
The EGM was scheduled to meet on 4 May but the meeting was not held due to an incomplete quorum.
The bank reported a net profit of EGP 219 million in 2015, down from EGP 261 million in 2014.
