Al-Watany Bank’s annual general meeting (AGM) held this week approved amendments to the FY2001 financial results, with net profit revised down to 97.2 million Egyptian pounds ($21 million) from the audited EP107.9 million, announced earlier this month. The bank adjusted its financial statement following Egypt Central Bank’s (CBE) call to transfer EP10.7 million from provisions to general reserves.
The AGM also announced the distribution of a three EP per share cash dividend for FY01 on April 8, and gave the go ahead for a capital increase plan, which would bring the number of outstanding Watany shares to 45 million, equivalent to a paid in capital of EP315 million.
The capital increase would be carried out through the issuance of a 20 million shares, of which four million shares would be offered through a rights issue to existing shareholders, at seven EP per share, while a strategic investor would be offered the remaining 16 million shares.
After subscribing to the capital increase shares, the strategic investor will also tender to acquire a further two million of the bank’s free float shares. AWB reported it is already in “serious“ negotiations with a yet-undisclosed Arab financial institution interested in acquiring such a stake in the bank, which amounts to 40 percent.
AWB is one of Egypt’s leading private sector banks. At present, the bank's services include current accounts and time deposits, certificates of deposit, documentary settlements, and project and loan finance. The bank is also involved in securities trading, establishment of new companies and promotion of initial public offerings (IPOs).
The bank offers these services through its 15-branch network, Visa, tele-banking, and automated teller machines (ATM) in Egypt's major cities. The bank also operates an Islamic banking branch in Cairo. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
