CAIRO: The board of Egypt’s EFG-Hermes has proposed increasing 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 LE 2.1 billion ($353 million) from LE 1.9 billion.
Shares of the investment bank fell 4.4 percent, while Egypt’s benchmark share index inched 0.4 percent lower at 1006 GMT.
The bourse said in an email it had cancelled all trades in EFG-Hermes shares before the capital raising announcement was made on Tuesday.
