CIB mulls issuing up to EGP 15 bn in financial instruments to fund expansion

CIB could issue up to EGP 15 bn in financial instruments to finance its planned expansion, according to a bourse disclosure (pdf). The bank will convene a general assembly on 15 March to review the potential issuance, the statement says. The announcement comes as CIB reported net profits of EGP 11.8 bn in 2019, a 23% increase annual increase.

The bank’s board of directors is also proposing increasing its paid-in capital by about EGP 4.9 bn to EGP 19. 7 bn by distributing one share for every existing three shares, it said in another disclosure (pdf). The bank also approved distributing cash dividends of EGP 1.25 per share for 2019.