Amer Group Submits a Disclosure Form On Capital Reduction: EFSA

The Egyptian Financial Supervisory Authority (EFSA) announced that Amer Group Holding (AMER.CA) placed a disclosure form as per the provisions of Article No. 16 of securities listing and delisting regulations.

The company is planning to invite for an extraordinary shareholder meeting (ESM) to discuss capital reduction through cancelling treasury shares.

This comes after Amer Group’s Board of Directors (BoD) 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.

Amer Group’s ESM has approved the reduction of the company’s issued capital through cancelling the more-than-one-year treasury shares  and the amendment of articles number 6 & 7 from the company’s fundamental system according to reduction decision.

Worth mentioning that Amer Group’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.