Cairo – Mubasher: Amer Group Holding signed an agreement with the Bank of New York Mellon (BNY Mellon) to transfer and issue some of its capital shares into global depository receipts (GDRs), according to a bourse filing on Wednesday.

In July 2017, the Egyptian Financial Supervisory Authority (EFSA) agreed that Amer Group would issue and transfer the GDRs, which will not exceed one-third of its issued and paid capital shares.

In January 2017, Amer Group’s board of directors approved issuing and transferring a stake of its capital shares to GDRs by up to 33%.