The management of Egypt's Misr International Bank (MIBank) decided to unburden the Central Bank of Egypt by procuring the foreign currency resources needed to pay the dividends owed to foreign shareholders for the year 2003.
The decision by MIBank enabled the bank to speed up the payment of dividends owed to global depository receipt (GDR) holders on April 18, 2004; the same day that local investors holding shares through the Cairo Alexandria Stock Exchange (CASE) received their profit share.
MIBank was established in 1975 as a joint venture between several financial institutions, including the Egyptian state-owned Banque Misr, Banca di Roma International, UBAF Bank (now The British Arab Commercial Bank) and The First National Bank of Chicago. In 1997, Banque Misr, a shareholder in MIBank, sold a 20 percent stake in the bank in the form of GDR, bringing its holdings down to 25 percent. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
