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FRA nods to capital hike for EBank

FRA nods to capital hike for EBank

Arab Finance: The Financial Regulatory Authority (FRA) agreed to publish the disclosure on Export Development Bank of Egypt’s (EBank) (EXPA) decision to raise the issued and paid-up capital by EGP 1.327 billion, according to a statement issued on September 25th.

Accordingly, the bank’s issued and paid-up capital shall increase to EGP 6.6 billion from EGP 5.27 billion.

The capital increase will be implemented in two stages; the first is through the issuance of 32.736 million bonus shares at a value of EGP 327.36 million, and the second by the cash subscription of EGP 1 billion from senior shareholders.

The EGP 1 billion increase will be distributed over 100 million shares at a nominal value of EGP 10 per share, in addition to issuance expenses of EGP 0.10 per share.

EBank 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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