Al Baraka Bank Egypt’s OGM approves distribution of bonus shares

Al Baraka Bank Egypt’s OGM approves distribution of bonus shares

ArabFinance: The ordinary general meeting (OGM) of Al Baraka Bank Egypt (SAUD) has approved the distribution of 0.714-for-1 bonus shares at a total value of EGP 2.12 billion, representing 71.427% of the bank’s paid-up capital, according to a statement filed to the Egyptian Exchange (EGX) on April 17th.

Accordingly, the bank’s issued and paid-up capital is set to increase to EGP 5.089 billion.

This decision is subject to the approval of the Central Bank of Egypt (CBE) and the regulatory authorities, as well as to the extraordinary general meeting’s (EGM) approval upon the increase in Al Baraka Bank Egypt’s authorized capital.

Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.

The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic sharia principles, through a network of 32 branches located across Egypt.

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