CIB Ordinary General Assembly
18 July 2017
Resolutions Summary
First
Capitalization of Reserves
In accordance with the provisions of Article (23) of the executive regulations of the Capital Market Law No. 95 of 1992 and in conjunction with Article (53) of the Bank's Statute, and as proposed by the Board of Directors, the General Assembly approved the following:
(1) Transferring portion of the General Reserve for an amount of EGP 2,904,502,750 to (290,450,275) common stocks at a face value of EGP 10.- (ten Egyptian Pounds) each. The resultant stocks are to be awarded to the Bank's shareholders as free stocks (1 for 4 bonus issue) after fulfilling all necessary approvals by the Bank and submitting the relevant disclosure form to the Egyptian Stock Exchange.
Accordingly, the Bank's issued capital shall be increased from EGP 11,618,011,000 (eleven billion, six hundred and eighteen million, and eleven thousand Egyptian Pounds) to EGP 14,522,513,640 (fourteen billion, five hundred and twenty-two million, five hundred and thirteen thousand, six hundred and forty Egyptian Pounds).
As delegated by the Extraordinary General Assembly in its meeting of 21 March 2017, the Board shall approve amending Articles (6) & (7) of the Bank's Statute to reflect the approved increase.
(2) Delegating the Bank's Chairman and Managing Director, or whoever he assigns, to undertake all necessary procedures in relation to executing and endorsing said increase in accordance with the Listing & De-listing rules and executive regulations of the Egyptian Stock Exchange.
Second
Changes in the Composition of the Board of Directors
Since the Previous General Assembly
The Assembly was advised with the effected changes in the composition of the Board since the last General Assembly held in 14 March 2017 which is the appointment of Mr. Hussein Mohamed Maged Abaza, the Bank's CEO, as an executive director in the Board - as previously announced at the Assembly meeting of 14 March 2017 - based on the Central Bank of Egypt approval received on 13 March 2017.
