Amer Group's EGM nods to EGP $5.47mln capital cut

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The capital will be lowered by cancelling 100.30mln treasury shares

Staff Writer, Mubasher

PHOTO

Cairo – The extraordinary general meeting (EGM) of Amer Group Holding Co has approved an issued and paid-up capital cut to EGP 902.78 million from around EGP 1 billion.

The capital will be lowered by cancelling 100.30 million treasury shares at a nominal value of EGP 1 per share, according to a bourse filing on Thursday.

It is noteworthy to mention that during the first nine months (9M) of 2021, the company recorded consolidated net profits of EGP 187.92 million, up 1,783% from EGP 9.98 million in the year-ago period, including minority shareholders' rights.

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