Amer Group ESM Ratifies Capital Reduction

Amer Group’s Extraordinary Shareholder Meeting (ESM) has ratified Thursday morning the reduction of the company’s issued capital through cancelling the more-than-one-year treasury shares which amounted to 14 million.

The ESM has also approved the amendment of articles numbers 6 & 7 from the company’s fundamental system according to reduction decision.

The Egyptian Financial Supervisory Authority (EFSA) had approved mid-June Amer Group’s plans to hold its ESM so as to discuss capital reduction and more-than-one-year treasury shares cancellation.

This comes after Amer Group’s Board of Directors (BoD) has recently agreed on cancelling 14 million shares, which represent the company’s treasury shares purchased more than a year ago, and on reducing the issued capital besides amending articles numbers 6 & 7.

Worth mentioning that Amer Group (AMER.CA)’s issued capital valued at EGP 366.443 million distributed to 3.053 billion securities in which the par value amounts to EGP 0.12 a share.