Cairo – Mubasher: Naeem Holding’s ordinary general meeting will consider adding a new board member on 29 June, according to a bourse filing.

Moreover, the ordinary meeting will look into a number of guaranties issued to its subsidiaries, along with giving the green light to the new board member to enter into new guaranty contracts.

Earlier, the board of directors approved carrying out financial restructuring by reducing its capital for meeting listing requirements on Abu Dhabi Securities Exchange, said the company in a bourse filing.

The board proposed to cut $85 million from capital and to operate with $198.722 million rather than $283.8 million, distributed over 283.8 million shares at a par value of $0.7 each.

On Sunday, the stock steadied at $0.5 by the end of the trading session.