Abu Dhabi Islamic Bank Egypt’s board has agreed to sell a 50.9% stake in subsidiary Cairo National Securities, according to a bourse filing (pdf). The disclosure didn’t disclose the identity of the buyer or the value of the transaction.

ADIB Egypt will also go ahead with a EGP 2 bn capital increase that will double its issued capital to EGP 4 bn, by issuing 200 mn additional shares at a nominal value of EGP 10 per share. The bank will call shareholders to a general assembly meeting to approve the capital increase.

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