EFG-Hermes board proposes 1-for-10 bonus share issue

Reuters, Tuesday 26 Apr 2011

Move aims to increase investment bank's capital by LE200 million

The board of Egypt's EFG-Hermes has proposed increasing its capital by distributing a bonus share for every 10, the investment bank said in a statement to the bourse on Tuesday.

The firm said in a board meeting held last week it sought to increase its capital to LE2.1 billion (US$353 million) from LE1.9bn.

Shares of the investment bank fell 4.4 per cent, while Egypt's benchmark share index EGX30 inched 0.4 per cent lower at 11:00.

The Bourse said in an email it had cancelled all trades in EFG-Hermes shares before the capital raising announcement was made on Tuesday.

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