Arab Finance: Abu Dhabi Islamic Bank-Egypt’s (ADIB Egypt) extraordinary general meeting (EGM) has approved the board’s proposal to increase of the issued and paid-up capital via the distribution of 0.2-for-1 bonus shares, as per a filing.

Hence, the capital shall be raised from EGP 5 billion to EGP 6 billion by EGP 1 billion distributed over 100 million shares at a nominal value of EGP 10 per share.

Moreover, the EGM endorsed increasing the bank’s authorized capital by EGP 3 billion to EGP 10 billion from EGP 7 billion.

Accordingly, Articles 6 and 7 of the bank’s Articles of Association will be amended.

ADIB Egypt is an EGX-listed bank that operates within the provision of retail, corporate, and investment banking services through its network of branches across Egypt.

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