Naeem Holding’s board approves capital cut
Updated 3/1/2021 1:14:00 PM
ArabFinance: The board of directors of Naeem Holding for Investment (NAHO) approved cutting the company’s issued and paid-in capital via writing off the treasury shares worth included in the company’s financial statements for 2020, according to the company’s March 1st filing to the Egyptian Exchange.
The company will write off 27.44 million treasury shares worth $19.2 million (EGP 302.51 million).
Accordingly, the company’s issued and paid-in capital will be $245.29 million (EGP 3.864 billion) divided into 350.414 million shares.
Naeem’s consolidated net loss reached $349,600 (EGP 5.49 million) in 2020, down 94.3% from $6.13 million (EGP 96.36 million) in 2019.
Established in 1997, the public shareholding company is engaged in the provision of investment banking services within Egypt and abroad.
*At the press time, the conversion rate is $1 = EGP 15.76a.
