Faisal Islamic Bank Receives Approval from Egypt’s Financial Regulatory Authority for Capital Raise

The Egyptian Financial Regulatory Authority (FRA) has authorised a request from Faisal Islamic Bank (FIB) of Egypt to publish the disclosure form to continue with the procedures for the capital increase.

The disclosure form included the approval from FIB’s Board of Directors to increase the company’s issued capital by USD 66.02 million from USD 440.19 million, according to a statement to the Egyptian Exchange (EGX) on the 31st of May 2020. With this increase, FIB’s total issued capital will stand at USD 506.2 million.

The increase in issued capital will be carried out by issuing 66.03 million shares at its par value of USD 1 (or its equivalent in the EGP per share)...