February 4, 2020 / 12:20 PM / 19 days ago

Egypt's CIB proposes raising $951 mln for new expansion

CAIRO, Feb 4 (Reuters) - Egypt’s Commercial International Bank (CIB) is proposing to issue up to 15 billion Egyptian pounds ($951 million) in financial instruments to fund expansion after rapid growth in 2019, its board said on Tuesday.

The bank’s consolidated net income rose 23% in 2019 to 11.8 billion pounds, it reported late on Monday.

The board authorised its chairman to call an extraordinary general assembly to approve the proposal, it said in a statement sent to the Egyptian stock exchange.

“Moving into 2020, we remain positive about the economic outlook and confident about CIB’s ability to ride out market variations,” it said in a statement accompanying its 2019 results.

The board also proposed increasing the bank’s paid-in capital by 4.925 billion Egyptian pounds to 19.702 billion pounds by distributing one free share for every three existing, the statement said.

It also proposed a cash dividend of 1.25 pounds per share for 2019.

CIB shares were up 0.27% higher by 1215 GMT. ($1 = 15.7700 Egyptian pounds) (Reporting by Ehab farouk; Writing by Mahmoud Mourad and Patrick Werr; Editing by Louise Heavens)

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