Al Baraka Bank Egypt’s board approves capital raise
· Egyptian market news · ARAB
The board of Al Baraka Bank Egypt agreed to raise the issued capital from EGP 5.089 billion to EGP 5.457 billion, according to a bourse disclosure.
The lender will issue 52.527 million shares, to be fully allocated to the shareholders of Al Tawfeek Leasing Company (A.T. Lease), who tendered their shares under the mandatory tender offer (MTO).
The capital hike aligns with the bank’s acquisition of 273.722 million A.T. Lease shares under the approved share-swap ratio. Following the transaction, the lender’s issued and paid-up capital will comprise 779.666 million shares at a nominal value of EGP 7 per share.