ArabFinance: The Listing committee at the Egyptian Exchange (EGX) has approved to list the increase in authorized capital as well as in the issued and paid-up capital for Credit Agricole Egypt (CIEB), according to a statement.

Credit Agricole Egypt decided to raise its authorized capital to EGP 6 billion from EGP 3.5 billion.

Moreover, the bank decided to increase its issued and paid-up capital to EGP 5 billion from EGP 1.24 billion by EGP 3.75 billion distributed over 93.083 million shares at a nominal value of EGP 4 per share.

The capital increase will be financed from the bank’s retained earnings as per the financial statements for the period ended December 31^st, 2020.

Accordingly, the bank would distribute 3.0203655637-for-1 bonus shares (a ratio of 3.0203655637:1), with the eligibility for shareholders until the trading session dated December 29th, 2021.

The bank’s shares after the capital increase will be registered on the EGX’s database as of Thursday, December 30^th, 2021.

Launched in 1996 and listed on the EGX in 2006, Crédit Agricole has subsidiaries operating across Egypt, working on commercial and professional services, in addition to thrifts and mortgage finance.