A Nile Bank Extraordinary General Meeting (EGM) held in late June rejected the issuance of new shares to existing shareholders at par, a move that sought to double the bank’s paid-up capital to $80 million. The AGM approved the bank’s financial statements for the previous four years.
The Central Bank of Egypt (CBE) decided in mid-May to restructure Nile Bank, in an effort to alleviate its financial difficulties. One of the options put forward to Nile Bank officials was a merger with another bank and an increase to its paid-up capital. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
