Banque du Caire to Increase Paid-In Capital to EGP 30.5 Billion
Banque du Caire has decided to increase its paid-in capital to EGP 30.5 billion, following approval from the Financial Regulatory Authority (FRA) to publish the bank’s disclosure report.
In a statement, the FRA said it has approved the publication of Banque du Caire’s disclosure report, noting that the bank is currently listed on the Egyptian Exchange on a provisional basis. This step paves the way for calling an Extraordinary General Assembly (EGA) to proceed with the capital increase.
According to the authority, Banque du Caire’s Board of Directors resolved on December 14 to raise the bank’s issued capital through a cash increase from EGP 20.5 billion to EGP 30.5 billion.
The capital increase, amounting to EGP 10 billion, will be distributed over 5 billion shares, with a nominal value of EGP 2 per share.
The bank stated that the decision to increase the issued capital comes in line with its expansion strategy, particularly to support the opening of new branches and strengthen its growth plans.