Cairo – Mubasher: The Operations Committee of the Egyptian Stock Exchange decided to lift the suspension of dealing in the shares of Egyptians for Housing, Development and Construction and start trading on its shares as of the trading session on Thursday corresponding to November 24.
The stock exchange said, in a statement issued today, Sunday, that the opening price of the company’s share on the first trading day will be the nominal value of 0.10 pounds per share, and that the value specified for the closing price of the company’s share will be 300,000 pounds.
It was also decided that trading in the company’s shares should be without adherence to the price limits or temporary suspension mechanisms in force during the first trading session only, provided that trading in the company’s shares takes place as of the next trading session in accordance with the mechanisms in force in the market in which it is listed.
It was also decided to continue listing the company’s shares in the list of securities allowed to be traded in the auction unit one over a thousand pounds, and to continue listing the company’s shares in the list of borrowing securities for the purpose of selling and in List (A) of securities permitted to engage in specialized activities, until the periodic review.
The Extraordinary General Assembly of Egyptians for Housing, Development and Construction agreed to merge 5 of its subsidiaries; This is based on the book value according to the December 2021 lists.
The general assembly decided to merge Emerald for real estate investment, Emerald for development and project management, Edge for development and project management, Odin for investment and development, and Odin for real estate investment and marketing, into the Egyptians Housing Company..
The General Assembly approved the report of the committee formed by the General Authority for Investment and Free Zones regarding the merger, which ended in its report determining the net ownership rights of each of the merging company and the merging companies on the basis of the book value..
The general assembly also agreed to set the issued capital for Egyptians for housing after the merger at an amount of 300 million pounds, and the issued capital of the company is the product of the total net equity of Egyptians for housing amounting to 190.24 million pounds, and the net equity of shareholders of Emerald Real Estate Investment amounting to 172.82 million pounds..
As well as the net equity of Edge Development shareholders, amounting to 136 pounds, the net equity of Emerald Development shareholders, amounting to 68.03 thousand pounds, the net equity of Odin Investment shareholders, amounting to 108.39 million pounds, and the net equity of Odin Investment and Marketing shareholders, amounting to 926.51 thousand pounds..
This is after excluding mutual investments with rounding the total equity of the merging company and the merging companies on the basis of the book value to the amount of 472.46 million pounds, and after setting aside an amount of 172.46 million pounds by calculating the reserves of the merging company after the merger..
The general assembly decided to adjust the nominal value of the company’s shares after the merger, to become 10 piasters per share.
It was also decided to amend Articles 6-7 of the Articles of Association of the merging company.