EFG-Hermes Submits Disclosure Form On Capital Cut: EFSA
Egypt’s regulator – the Egyptian Financial Supervisory Authority (EFSA) stated that EFG-Hermes Holding (HRHO.CA) has submitted a disclosure form on inviting shareholders to attend the extraordinary general assembly meeting (EGM), as per Article No. 16 of the Listing and Delisting Regulations.
Shareholders shall discuss reducing the company’s issued and paid-up capital through cancelling the treasury shares purchased more than a year ago.
A year earlier on April 27th, EFG-Hermes Board of Directors had held a meeting in which the BOD had agreed on buying 5 million treasury shares so as to boost the price of the company’s share in the market and to make the best use of the available liquidity the company had during that period.
Worth mentioning, EFG-Hermes’ issued capital worth EGP 2.391 billion distributed to 478.294 million in which the par value amounts to 5 Egyptian pounds a share.
