Cairo – Mubasher: The Egyptian Exchange (EGX) gave a nod to the Al Baraka Bank Egypt to hold extraordinary and ordinary general meeting.
The shareholders meetings will discuss increasing the lender issued and paid-in capital.
The lender is expected to hold the shareholders meetings within a month as of the date of securing EGX approval.
Earlier, the lender’s board gave a nod to increase issued and paid-in capital from EGP 957.7 million to EGP 1.005 billion distributed across 143.6 million shares at EGP 7 par value each.
The capital hike will be effected through the distribution of 6.840 million bonus shares at 0.05-for-1 with total value of EGP 47.884 million at EGP 7 par value each.
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.
