Suez Canal Bank Announces Capital Increase of EGP400 Mn Through Free Share Distribution

 Suez Canal Bank announced, in a statement to the Egyptian Exchange today, the implementation of the General Assembly's ordinary resolution held on August 13, 2023, approving a capital increase of EGP 400 mn through the distribution of free shares.

Capital increase includes the use of the entire legal reserve balance as of December 31, 2022, amounting to EGP175.391 mn, in addition to a portion of retained earnings from previous years totaling EGP224.609 mn, making total issued and paid-up capital of the bank EGP5 bn within the authorized capital limit.

This comes with the authorization of the Chairman of the Board of Directors and the Managing Director to take all necessary measures to implement this decision.