Egypt's Capital Market Authority (CMA) has given its preliminary approval to Blom Bank to raise its capital to EGP750 million ($140 million) from EGP500 million, the stock exchange said.

The bank would offer 25 million new shares to existing shareholders at a par value of 10 pounds each, it added. The total number of shares in the bank is currently 50 million.

Blom Bank Egypt, which is a subsidiary of Lebanon's Blom Bank, reported a 10 per cent rise in first-half 2008 net profit to EGP46 million.

The Lebanese parent owns 99.36 per cent of Blom Bank Egypt after buying Misr Romanian Bank in 2005 and renaming it.

Shares in the bank were last traded on August 24 at 30 pounds per share.-Reuters