Arab Petroleum Investments Corporation (APICORP) on Tuesday said its shareholders agreed to nearly triple the development bank's capital base to $1.5 billion, helping it move ahead with investment plans.
APICORP is owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with the Saudi Arabian and the United Arab Emirates governments each holding 17 percent.
At an extraordinary shareholders meeting in Cairo on Sunday, the general assembly also resolved to double authorised capital to $2.4 billion. The paid-up capital was increased by converting $200 million of retained earnings into shares, the bank said in a statement.
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