The Clap
ADIB received FRA approval to begin procedures to increase its capital from EGP 4 billion to EGP 5 billion.
The Deets
The increase is supposed to take place by issuing 100 million shares, at a value of EGP 10 per share, in addition to issuance fees of EGP 0.05 per share.
Now What
It is expected that the next step will be to invite the shareholders to subscribe to the capital increase.
Background
This is the second time in a short period that the ADIB is increasing its capital, after it succeeded in July 2022 in raising its capital from EGP 2 billion to EGP 4 billion.
ADIB prepping second capital increase 🏦
