Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) said Thursday that its board of directors has assigned the bank’s CEO to conduct a study about raising the issued capital by EGP 500 million ($27.5 million).
The capital hike aims to support the growth of the bank’s business and to meet the requirements of the Central Bank of Egypt (CBE) for the capital adequacy standard, according to a bourse statement.
The bank said that it has obtained an approval from the CBE to amend articles number (6) and (7) of the bank’s statute to raise the capital via distributing bonus shares to be financed from the retained profit of FY15.
EG Bank’s ordinary general meeting has approved to freeze cash dividends worth EGP 300 million for the fiscal year 2016.
