Export Development Bank of Egypt’s (EDBE) (EXPA) board of directors, headed by Mohamed Ismail, has agreed to establish a new Holding company for Financial Investment with authorized capital of EGP one billion, whereas the issued and paid up Capital worth EGP 137 million.
EDBE’s BOD decided that the bank stake in the holding co. shall not be less than 99.99% out of the issued capital and it shall follow the Egyptian Joint Stock Company under Law No.95 of 1983 and its executive regulations.
According to the unaudited business reports; EDBE’s consolidated profits posted an increase of 80.6% during the first 9 months of last fiscal year to reach EGP 171 million, compared EGP 94.7 million in corresponding time of the previous year.
It is worth mentioning that the unconsolidated business reports; announced an increase of 52% to record a net profit of EGP 107.7%, compared to EGP 70.7 million in the corresponding time of the previous year.
