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March 3: AlBaraka Bank board to review dividends

March 3: AlBaraka Bank board to review dividends

ArabFinance: Al Baraka Bank Egypt (SAUD) declared in a statement sent to EGX, it called Board of Directors to be convened on March 03, 2018.

The Board will review the profit distribution in cash attributable to shareholders by 15% of the issued capital, which is amounting to EGP 189,981,233 (EGP 1.05 per share), while the Bank will distribute 0.05 free stock for every existing one held that amounts EGP 63,327,075. 

Moreover, the Board will discuss amending articles No. 6 and 7 of the article of association, subject to Ordinary General Assembly (OGM) approval for financial results ending December 31, 2017, that include dividends for shareholders of 20% of the issued capital. 

It is worth to mention, Financial Regulatory Authority (FRA) announced on January 31, 2018, Al Baraka Bank Egypt (SAUD) has submitted a disclosure report regarding the issued and paid capital increase to LE1,329,868,624 from LE1,266,541,549 with increase amounting to LE63,327,075. 

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