CHG’s board agrees to EGP 77.3M capital cut
Updated 12/7/2022 10:23:00 AM
Arab Finance: The board of directors of Cleopatra Hospitals Group (CHG) (CLHO) approved cutting the company’s issued capital by EGP 77.28 million through writing off 154.565 million treasury shares, according to a statement issued on December 7th.
Accordingly, the issued capital shall be reduced to EGP 722.71 million distributed over 1.44 billion shares from EGP 800 million distributed over 1.6 billion shares.
Following the capital decrease, the value of each of the CHG’s stock shall be at EGP 0.5.
Moreover, the board endorsed amendments to Articles 6 and 7 of the company’s Articles of Association.
The aforementioned decisions will be submitted to the Financial Regulatory Authority (FRA) as well as be discussed by the upcoming extraordinary general meeting (EGM).
Established in 2014, CHG expanded its geographical network in West Cairo to acquire two additional facilities, namely Nile Badrawi Hospital in 2015 and Al Shorouk Hospital in 2016.
