CIB to increase capital to LE 14.5B

CAIRO – 19 July 2017: The ordinary general meeting of the Commercial International Bank (CIB) approved raising the issued and paid-in capital from LE 11.62 billion to LE 14.5 billion ($807.5 million), a Wednesday stock report said.

The capital hike will be through transferring a sum of LE 2.9 billion from the statuary reserves to ordinary shares representing 290.450 million shares at LE 10 per share.
The bank’s Articles of Association 6 and 7 will be amended to be in line with the new capital increase, the report said.

The stock closed Thursday’s session at LE 86.58.