Blom Bank to raise capital to $140m

31 August 2008
The Egyptian subsidiary of Lebanon’s Blom Bank has received approval for a rights issue to raise its capital to£E750m ($140m) from£E500.

Blom Bank Egypt will sell 25 million new shares at £E10 each to existing shareholders, after receiving approval from the Egyptian Capital Market Authority (CMA) on 31 August.

The capital increase will be used to fund the continued operations and expansion of the company.

Blom Bank’s Egyptian subsidiary was formed following its purchase of 99 per cent of Misr Romania Bank for $97.8m in December 2005.

Shares in Blom Bank Egypt were last being traded at around £E30.

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