Court to rehear AJWA Subscription Suspension on March 8th

Cairo Economic Court, under the chairmanship of Counselor Ahmed Moussa, has decided today to adjourn the pronouncement on the appeal filled by shareholders of AJWA for Food Industries Co. – Egypt on suspending subscription to the company’s shares, which had resulted in the former chairman’s selling the shares, till next Thursday March 8th, 2012.

The case was also lodged for invalidating the decisions taken by the extraordinary shareholder meeting held on November 15, 2009; thus cancelling the secondary offering.

In case the court issues a judgment on invalidating the offering, subscription will be suspended. The food stuff producer will be also obligated to buy the secondary shares resulting from the board’s sell transactions of 5.7 million shares before par value reduction, or 28.5 million shares after par value reduction.

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