ArabFinance: The extraordinary general meeting (EGM) of Societe Arabe Internationale de Banque (SAIB) has approved raising the authorized capital of the bank to $350 million from $200 million, according to a statement filed to the Egyptian Exchange (EGX) on April 18th.

Moreover, the EGM agreed upon increasing the bank’s issued capital to $157.5 million from $150 million by $7.5 million through the issuance of 750,000 bonus shares, which represent 5% of total paid-up capital.

Accordingly, 1-for-20 bonus shares will be distributed to shareholders.

The EGM also endorsed the amendments to Articles 2, 4, 6, 7, 21, 25, 26, 40, 42, 43, and 51 of the bank’s Articles of Association.

Established in 1976, SAIB Bank is engaged in the provision of retail, corporate, and investment banking products and services through a network of 21 branches located across Egypt and abroad. It also offers Islamic banking products and solutions through its branches.