Dec 17: Gharbia Islamic's EGM to review capital hike, applying ESOP

Updated 11/23/2016 5:05:00 PM

Arab Finance: Gharbia Islamic Housing Development - (GIHD) called extra-ordinary general assembly to be convened on 17/12/2016.

The general assembly will review amending the company's purpose by adding some activities, as well as authorized capital hike from LE50 million to LE500 million, and issued capital hike from LE22.500 million to LE50 million with increase amounting to LE27.5 million.

The capital hike will be funded in cash, through the issuance of LE6,875,000 shares, at a nominal value of LE4 in addition to issuance fees of LE0.10.

The existing shareholders will be called to subscribe in the capital increase.

Moreover, EGM will review applying employee stock ownership plan (ESOP) as well as directors in the Bank.