Arab Finance: Al Arafa for Investment and Consultancies’ (AIVC) board gave preliminary approval to the company’s demerger into two companies horizontally with the same shareholders and contribution percentage based on their book value, as per a disclosure on July 24^th.

Al Arafa announced earlier that its consolidated net loss attributable to the holding company amounted to $82,302 in the three-month period ended on April 30th, compared to $5.55 million in the year-ago period.

Arafa is an Egypt-based holding company engaged in financial and management consulting, and investment activities. The company is organized into three business segments: retail, apparel and tailoring, and textiles. It operates through managing and administrating its subsidiaries and affiliated companies.

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