The securities listing committee of the Egyptian Exchange (EGX) approved a request received from Samcrete Egypt- Engineers & Contractors to start 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.