Egypt's corporate news: February 11
Cairo Housing & Development (ELKA.CA) held its extraordinary general assembly yesterday, February 11, which approved the merger of New Cairo Housing & Development into ELKA. Following the merger, the CMA values the new entity at LE76.6 million. Moreover, the company will change the par value of the share from LE1/share to LE5/share. As a result, the number of shares will decline from 38,160,000 to 15,326,100.
The board of directors hinted that the earnings this year would be better than last year. The company also stated that it is currently concentrating on middle-income housing projects.
According to Al-Alam Al-Youm newspaper, Click GSM’s board of directors will discuss today offering a stake ranging from 10 percent to 15 percent on both the Egyptian and London stock exchanges. Vodafone, one of Click’s main shareholders, is planning to offer 10 percent, while another 10 percent is already trading unofficially. According to the article, Vodafone estimates the offering price at LE150/share. If the board of directors approves the IPO, the company will hold a general assembly within two weeks to pass the decision.
Prime Securities S.A.E.
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