ArabFinance: The board of directors of Amer Group Holding (AMER) has proposed cutting the company’s issued and paid-up capital to EGP 902.789 million from EGP 1.003 billion, according to a statement filed to the Egyptian Exchange (EGX).

Under the proposal, the capital will be reduced by EGP 100.309 million through writing off 100.309 million treasury shares at a nominal value of 100 piasters.

Accordingly, Articles 6 and 7 of the company’s Articles of Association shall be amended.

Therefore, the board agreed on calling for holding the extraordinary general meeting (EGM) to discuss the capital decrease and the amendment of Articles 6 and 7 of the Articles of Association.

Established in 2007 and listed on the EGX since November 2010, Amer Group is an Egypt-based company operating within the real estate sector.