Egypt's NSGB raising capital in rights issue

CAIRO: Egypt s National Societe Generale Bank (NSGB) said on Monday it planned to raise capital by offering existing shareholders two shares for every nine at a subscription price of LE10 pounds a share. The operation would add 45,065,602 million shares, increasing NSGB s capital by LE 450.7 million, it said in a statement released through the stock exchange. The bank s paid-in capital at the end of September 2006 was LE 1.9965 billion, according to the bank s Web site. The offer is open to those who hold NSGB shares at the close of business on March 14. The subscription period starts on March 18 and ends on April 16, the statement said. The shares rose 7.5 percent on the Egyptian stock exchange on Monday to last trade at LE 46.85.