Cairo - Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has given an initial approval to the proposed capital increase by Egyptian Gulf Bank (EG Bank).
The authority has asked that subscription for the new shares is separated from the original share, from the first day until three days prior to the end of the subscription period.
Back in May, the bank’s ordinary general meeting (OGM) voted for a proposal to raise the issued and paid capital by $27.72 million via a rights issue, according to the bank’s statement to the Egyptian Exchange (EGX).
The bank’s board had earlier agreed to raise the capital from $316.3 million to $344.02 million.
