Cairo – Mubasher: Global Telecom Holding said Sunday that it will hold an extraordinary general meeting (EGM) on 19 March to discuss cutting the issued capital via writing off about 524.5 million shares with a nominal value of EGP 0.58.

Thus, the issued capital will be reduced to EGP 2.73 billion from EGP 3.04 billion, according to a bourse filing.

The EGM will also look into the articles number 6 and 7 of the company’s statute to comply with the capital cut.

The stock closed Thursday’s session by falling 6.8% to EGP 6.44.