Cairo – Mubasher: The ordinary general meeting (OGM) of the National Bank of Kuwait in Egypt approved increasing the issued capital from EGP 1 billion to EGP 1.55 billion through distributing bonus shares.
The OGM also accepted increasing the licensed capital from EGP 1 billion to EGP 2.5 billion, the bank added in a statement to the Egyptian Exchange (EGX) on Thursday.
It approved using part of the general reserve and retained earnings to finance the increase, in case the extraordinary general meeting (EGM) approved the hike, the statement clarified.
The increase will be implemented through distributing 50 million shares with a nominal value of EGP 10 per share and half a bonus share per each original share.
