Egypt Bourse approves Amer Group’s Capital Hike to EGP1.4 billion

The listing committee of the Egyptian stock Exchange (EGX) has approved on Thursday Amer Group (AMER.CA)’s request to raise issued capital to EGP 1.368 billion, from EGP 547.145 million.

Last Monday, Egyptian real estate company Amer Group’s Board of Directors approved to increase the company’s issued capital from EGP 547,145,357 to EGP 1,367,863,393 using reserves and adjusting the stock par value to EGP 0.30 instead of EGP 0.12. The capital top-up will be financed through the reserves in the financial statements for FY2013 which was approved by the Ordinary General assembly on March 20, 2014.