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Faisal bank approves $607M capital increase

Faisal bank approves $607M capital increase

ArabFinance: The ordinary general assembly of Faisal Islamic Bank of Egypt (FAIT) approved raising the bank’s issued and paid-in capital to $607.47 million (EGP 9.573 billion) from $506.22 million (EGP 7.978 billion), the bank said in a statement to the Egyptian exchange on March 25th.

The new raise is divided on 101.24 million shares at a nominal value of $1 per share (EGP 15.76).

The assembly also approved distributing bonus shares to shareholders, representing 20% of the current shares.

The listed bank reported a 19.3% Year on Year fall in its net profit in 2020, recording EGP 2.247 million.

Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services in accordance to Islamic Sharia principles through its head office and 27 branches located across the country.

 

*At press time, the conversion rate is $1 = EGP 15.76.

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