EFG-Hermes adjusts CIB FV to EGP35.6/share to incorporate the 1:2 stock dividend

EFG-Hermes adjusted Commercial International Bank’s (COMI.CA) previous FV of EGP 53.4/share downwards to LE35.6/share, with no fresh capital being raised.

Hermes stated that, it adjusted Fair Value (FV) estimate for CIB to incorporate the 1:2 stock dividend for which the ex-dividend date is today.

The bonus shares will increase the outstanding number of shares to 900 million from 600 million.

It added that, it reiterated Buy rating on the stock.