The EGM of Housing & Development Bank, held on Sunday 05/11/2007, has decided the following:
1. Increasing the bank's authorized capital from EGP1.0 billion to EGP3.0 billion
2. Increasing the bank's paid-in capital from LE 550 million to LE 1,150 million through issuing 60 million new shares; 5 % of the new shares issued to be offered to employees at a par value of LE 10 per share plus issuance fees of LE 0.25 per share. 20 % to be offered in a rights issue at a par value of LE 10 per share plus issuance fees of LE 0.25 per share. The remaining 75% to be offered in a right issue too, but at fair a value to be determined, and will be subject to CMA approval.
3. Securitizing a portion of individuals’ loans portfolio through issuing up to LE 400 million.
4. Accordingly amending articles 6, 7, and 18 from the bank’s articles of association.
