Egypt's CIB to issue one bonus share for each four held

Egypt's Commercial International Bank (CIB), the country's largest listed bank, will issue one bonus share for each four held, the bank said in a bourse statement on Tuesday.

Egypt's stock exchange in February approved the bank's request to increase its capital by LE2.29 billion ($293 million) to LE11.47 billion ($1.4 billion).

The bank will increase its capital from its reserves and in return will issue 229.4 million shares in the bonus issue at a nominal value of LE10 per share.