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EDBE’s rights issue oversubscribed by 100% at 2nd phase

EDBE’s rights issue oversubscribed by 100% at 2nd phase

ArabFinanceExport Development Bank of Egypt’s (EDBE) (EXPA) rights issue was oversubscribed at a coverage ratio of around 100.0007% in the second phase, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

The second phase saw subscription in 43.403 million shares at nominal value of EGP 10 per share.

It is worth mentioning that the bank’s rights issue was subscribed at a coverage ratio of around 78.3% in the first phase, which saw subscription in 156.596 million shares at nominal value of EGP 10 per share.

Last December, the Financial Regulatory Authority (FRA) approved the publication of the disclosure on the decisions of EDBE’s board of directors regarding raising the bank’s issued and paid-up capital to EGP 5.27 billion from EGP 3.27 million.

EDBE is an EGX-listed bank that offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.

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