REG - Commercial Int Bank - Board Resolutions Summary 11 February 2024

Commercial International Bank Egypt CIBAnnouncement

12/02/2024 07:00

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RNS Number : 7296C  Commercial Intnl Bank (Egypt) SAE  11 February 2024

 

CAIRO - February 11(th), 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 31(st), 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 15(th) 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 25(th), 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 25(th), 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
(http://www.rns-pdf.londonstockexchange.com/rns/7296C_1-2024-2-11.pdf)

 

 

 

Nelly El Zeneiny

Investor Relations Senior Officer

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