Cairo - Mubasher: Union National Bank-Egypt (UNBE) has said its shareholders approved the distribution of bonus shares on a 1-for-200 basis instead of cash dividends for 2016, according to a bourse statement.

The board approved raising the issued and paid capital from EGP 1.3 billion to EGP 1.4 billion, the bank said in a separate statement.

The bank’s capital amounts to EGP 1.33 billion, distributed on 238.8 million shares at EGP 5 per share.

UNBE's profits reached EGP 180.5 million in 2016, up 12.79% from EGP 160.03 million in 2015.

The bank’s stock rose 5.91% to EGP 4.84 by 1:41pm Egypt time.