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FRA asks Gulf Canadian Real Estate to prepare fair value study

FRA asks Gulf Canadian Real Estate to prepare fair value study

ArabFinance: The Financial Regulatory Authority (FRA) has asked Gulf Canadian Real Estate Investment (CCRS) to prepare the fair value study of its share, according to the company's October 13th statement filed to the Egyptian Exchange.

Gulf Canadian will hire an independent financial advisor to set a fair value of its share.

Under the listing rules, the FRA has the right to ask the listed company to prepare a fair value study in event of a price change up or down by 50% in a period not exceeding three months or 75% in a period not exceeding six months.

The FRA request comes only if the price change is not commensurate with the direction of the market indicators or the sector to which the listed company belongs and there is no material event.

The company suffered a net loss of EGP 458,794  in the first half (H1) of 2020, an 11% slight rise from EGP 413,688 incurred in H1 2019.

Gulf Canadian Real Estate Investment specializes in developing and managing real estate assets. Its main activities are related to construction projects in housing, tourism, and urban development sectors, as well as industrial projects and other related fields.

 

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