CAIRO -16 January 2018: The board of directors of Qatar National Bank Al Ahli (QNBA) suggested increasing the issued capital from LE9.79 billion to LE 10.77 billion.
The bank elaborated in a filing to the Egyptian Exchange (EGX) that the rise will be by about LE 979.4 million, through distributing 97.7 million free shares, a share for every 10 shares funded by the general reserves of 2018.
QNB Al Ahli also mandated the CEO and the managing director to invite the contributors to the general assembly and the extraordinary assembly to vote on the increase of the capital and stock split from LE 10 to LE 5 and on amending articles 6 and 7 of the association.
The bank suggested earlier distributing LE 979.46 million after announcing profits of LE 7.2 billion during 2018, compared to LE 5.5 billion in 2017.
QNB Al Ahli’s capital is LE 9.7 billion, distributed over 979.4 million shares, with a nominal value of LE 10 per share.