Cairo – Mubasher: The Egyptian Exchange's (EGX) Listing Committee on Wednesday approved a request to increase the issued and paid-up capital of Qatar National Bank Al Ahli (QNB Al Ahli) to EGP 10.77 billion from EGP 9.79 billion.

The capital will be raised by EGP 979.46 million through the issuance of 0.99-for-one bonus share, totalling 97.94 million bonus shares at a nominal value of EGP 10 apiece, the committee said in a statement on Wednesday.

The eligibility for the bonus issue will be for shareholders owning shares until the end of the trading session on Wednesday, 3 June.

The committee also approved a two-for-one stock split, making the nominal value of the share at EGP 5 instead of EGP 10.

It is noteworthy to mention that during the first quarter of 2020, QNB Al Ali reported net profits of EGP 1.86 billion, down from EGP 2.02 billion in the year-ago period, including minority shareholders’ rights.