The Egyptian Financial Regulatory Authority (FRA) approved a disclosure form submitted by Housing and Development Bank (HD Bank) to proceed with the capital raise procedures.
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The disclosure form includes the board of directors’ decision to increase the issued and paid-up capital to EGP 5.313 billion from EGP 1.518 billion, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday.
The capital increase will be funded from the general reserve and legal reserves as well as the distributable profits shown in the financial statements for the period ended 30 June.
