Cairo – Mubasher: The board of directors of Al Baraka Bank – Egypt approved in principle the distribution of cash dividends at 15% of paid-in capital.
A total of EGP 95.8 million or 10% of paid-in capital will be paid as cash dividends, while
6.840 million bonus shares will be distributed at 0.05-for-1 with total value of EGP 47.884 million at EGP 7 par value each.
Accordingly, the lender’s issued and paid-in capital will increase from EGP 957.7 million to EGP 1.005 billion distributed across 143.6 million shares at EGP 7 par value each.
The dividends distribution will be financed through the company’s distributable profits that amount to EGP 246.3 million, for the year ended 31 December 2015.
The Islamic lender earlier posted an increase of 17.7% to EGP 265 million in net profits for 2015, compared with EGP 225 million in 2014
