Arab Finance: Housing and Development Bank (HD Bank) (HDBK) is set to distribute 2.5-for-1 bonus shares as of October 27^th, with eligibility in distribution for shareholders until a record date of October 26^th, according to a bourse disclosure on October 12^th.

This comes in line with the decision of the bank’s extraordinary general meeting (EGM) to raise issued and paid-up capital to EGP 531.3 million from EGP 151.8 million.

This capital increase amounts to EGP 379.5 million distributed over 379.5 million shares at a nominal value of EGP 10 per share, and it will be financed from the bank’s reserve and retained earnings as per the financial statements for the year ended December 31^st 2021.

Moreover, the EGM also decided to increase the bank’s authorized capital to EGP 10 billion from EGP 3 billion.

HD Bank is an Egypt-based commercial and investment bank that operates in the housing and development sector. HD Bank also contributes to alleviating the housing problem through the establishment of an integrated group of housing projects across Egypt.