CAIRO - February 11th, 2024
The Board of Directors of Commercial
International Bank - Egypt (CIB) convened today, and the following
summarizes the main decisions taken:
·
Approving the separate and consolidated financial
statements for the period ended December 31st, 2023, the
profit and loss account, the appropriation account for the year
2023, the Board of Directors' annual report depicting the Bank's
activities during the same year, which includes the sustainability
and climate change disclosures issued by the Financial Regulatory
Authority (FRA). The Board also approved the Governance report for
companies listed on the Egyptian Exchange issued by the Egyptian
Financial Supervisory Authority (EFSA).
·
Increasing the issued and paid-up capital from EGP
30,195,010,000 to EGP 30,431,580,000, an increase of EGP
236,570,000 over 23,657,000 shares, in order to make available the
shares owed to employees for the year 2020, which represents the
15th tranche of the Employee Stock Ownership Plan (ESOP)
through a promise to sell. Said increase shall be implemented after
the Bank obtains all necessary approvals. The Board also agreed to
amend Articles (6 and 7) of the Articles of Association to reflect
the aforementioned increase in capital. The procedures will be
proceeded with and presented to the Ordinary General Assembly at
its first upcoming meeting after following receiving the approval
of the Central Bank of Egypt (CBE) for the above.
·
Approving the invitation to the Ordinary General
Assembly to convene on Monday, March 25th, 2024. A copy
of the invitation will be published in due course.
·
Approving the invitation to the Extraordinary
General Assembly to convene on Monday, March 25th, 2024,
to consider approving the following, subject to the approval of the
CBE:
o Issuing financial instruments in the form of Bonds, or
Subordinated Loans, or Subordinated Deposits, or Hybrid Financial
Instruments for an aggregate amount of up to USD one billion or its
equivalent in local or other foreign currencies to finance the
Bank's activities, in addition to the remaining part of the
previously approved amount by the last Extraordinary General
Assembly. All subordinated instruments can be included in the
Bank's capital and or subordinated capital (Tier II capital), if
need be. Moreover, authorizing the Board of Directors to determine
the necessary conditions and take all procedures and steps related
to the issuance and make any necessary amendments in accordance
with the requirements of the regulatory authorities.
http://www.rns-pdf.londonstockexchange.com/rns/7296C_1-2024-2-11.pdf
Nelly El Zeneiny
Investor Relations Senior Officer
