Egypts CIB increases capital by LE33 million

The Commercial International Bank, Egypt's largest listed bank, has increase its capital by LE33 million to be distributed to employees through an Employee Stock Ownership Plan (ESOP) program.

Total CIB capital has consequently grown from LE5.901 billion to LE5.934 billion. The capital increase will ve distributed over 3,311,939 shares allocated to the bank's staff's stock options program and paid in cash at a subscription price of LE10 per share.

The new shares will be available for trade from Sunday 7 August.

CIB stock, one of the most active on Egypt's exchange, is currently trading down 0.27 per cent an hour into Monday trade.