The Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) has received the Financial Regulatory Authority’s (FRA) approval to proceed with the capital raise procedures.
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The FRA agreed to publish the disclosure form submitted by the bank to raise its issued and paid-up capital by EGP 1 billion to EGP 5 billion from EGP 4 billion. The capital increase will be distributed over 100 million shares at a nominal value of EGP 10 a share, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The capital raise procedures cannot be completed before endorsing the previous EGP 2 billion capital hike in the commercial register.
