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Samcrete files with EGX for capital decrease

Samcrete files with EGX for capital decrease
Samcrete Misr
SMCS
0.00% 16.37 0.00
Samcrete Egypt- Engineers & Contractors announced that it sent a disclosure report to the Egyptian Exchange (EGX) to request starting procedures of decreasing its issued capital due to splitting the company into four companies.
The company’s board had approved a break-up of the company into four companies: Samcrete Real Estate Development, Samcrete Tourism Development, Samcrete Egypt Engineers & Contractors and Samcrete Building Systems.
The move will have consequences, mainly reducing the company’s capital.
The company is capitalized at EGP 296.4 million, divided into 2.964 million shares at EGP 100 par value each.