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UNB- Egypt announces timetable for capital hike and optional delisting

UNB- Egypt announces timetable for capital hike and optional delisting

ArabFinance: Union National Bank Egypt (UNB) (UNBE) sent to the Egyptian Stock Exchange (EGX), the timetable of increasing issued and paid capital, and delisting the Bank stock from EGX, which will be done as follows: 

-  July 2018, the Bank has informed the central bank of Egypt about the general assembly resolution regarding stock dividends on March 26, 2018

- July 2018, calling the BoD to hold a meeting in order to call the EGM for capital hike approval 

- August 2018, holding EGM meeting for capital hike approval 

- September 2018, documentation of the EGM meeting 

- September 2018, getting Financial Regulatory Authority (FRA) approval on stock issuance 

- September 2018, Amending the articles of association and commercial register 

- September 2018, getting EGX approval and Misr for Central Clearing, Depository and Registry (MCDR) on stock listing 

- October 2018, assigning an independent financial advisor to set the fair value study

- October 2018, calling BoD to approve optional delisting's disclosure

- October 2018, inform FRA about the commence of delisting procedures 

- November 2018, calling the BoD to invite EGM in order to approve delisting

- November 2018, holding EGM to discuss delisting 

- December 2018, documenting EGM minutes of the meeting

- December 2018, starting delisting procedures and buying back the objected shareholders stocks

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