FRA nods Faisal Islamic Bank's to hike issued, paid-up capital by $73M
Updated 7/2/2019 2:05:00 PM
ArabFinance: Financial Regulatory Authority (FRA) approved on July 02, publishing Faisal Islamic Bank of Egypt’s (FAIT) (FAITA) disclosure report to conduct procedures of issued and paid-up capital hike according to the article No. 48 provision of EGX listing rules.
Upon the Board of Director resolution that held on April 01, 2019, the Company will hike the issued and paid capital to $366,830,586 from $440,196,703, with the increase amounting to $73,366,177.
The capital hike will be distributed over 73,366,117 shares at the par value of $1 per share, or it's equivalent in Egyptian pound. The capital hike will be financed from the retained profit that shown in financial statements ending 2018 according to the general assembly resolution that stipulated distribution of one free stock for every existing 5 held with par value amounting to $1 per share.
