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CIB oks increasing authorized capital by EGP 30bn

Saturday 12 January 2019 11:03 PM


By Ragab Ezz el-Din

of Commercial International Bank –Egypt’s  Board of Directors has approved in its session held last Wednesday, the proposal to increase the authorized capital from 20 billion to 50 billion pounds.

The bank, in a statement to the Egyptian stock exchange, said last Thursday that the board had approved the disclosure model and authorized the managing director to make any amendments to the disclosure report in accordance with the financial control requirements.

The board authorized the Managing Director to invite the Extraordinary General Assembly to consider the increase and amend certain articles of the bank's basic system articles.

The lende’s issued capital is 11.6 billion pounds, distributed over 1.16 billion shares at a nominal value of 10 pounds per share