Amer Group’s EGM nods to horizontal demerger of company
Updated 12/19/2022 10:17:00 AM
Arab Finance: The extraordinary general meeting (EGM) of Amer Group Holding (AMER) approved the proposed horizontal demerger of the company into two companies based on the book value of EGP 1.085 billion as per the financial statement for the period ended June 30th, according to a statement on December 19th.
Amer Group Holding will be the demerging company, while the demerged company will be A Capital Holding.
Accordingly, equity of the demerging company represents EGP 733.138 million, while equity of the demerged company represents EGP 352.129 million.
The EGM agreed upon the nominal values of the demerging company at EGP 0.70 per share and of the demerged company at EGP 0.30 per share.
Moreover, the EGM endorsed the amendment of Articles 6 and 7 of the company’s Articles of Association, under which the issued capital of the demerging company will change to EGP 631.952 million distributed over 902.789 million shares at a nominal value of EGP 0.70 per share.
A Capital Holding will have an authorized capital of EGP 1 billion and issued and paid-up capital of EGP 270.836 million distributed over 902.789 million shares at a nominal value of EGP 0.30 per share.
Amer Group is an Egypt-based leading real estate developer engaged in diversified industry sectors, with its operations being structured into many segments, namely real estate, restaurants, hotels, malls, and retail.
