Cairo – Mubasher: The Listing Committee of the Egyptian Exchange (EGX) approved listing the capital increase for the Commercial International Bank – Egypt (CIB).
The bank will raise its issued capital via distributing incentive stocks worth EGP 79.3 million to increase the capital from EGP 11.53 billion to EGP 11.618 billion at EGP 10 per share.
The increase will be paid in cash, representing the eighth tranche that is allocated for the bank’s Employee Stock Ownership Plan (ESOP), according to a bourse filing on Tuesday.
The current capital of the bank amounts to EGP 11.53 billion, distributed over 1.15 billion shares at a nominal value of EGP 10 per share.
The bourse stated that this is considered the 23rd issue among the bank’s plan approved by the extraordinary general meeting (EGM) in June 2006.
These new shares will be added to the EGX database as of 24 May, the statement said.
Price limits of the stock will not be changed as a result of the capital hike through incentive stocks, representing 0.69% of the capital’s value.
