Financial Control approves the addition of the real estate investment activity to “Egyptian Poultry”

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The Financial Supervisory Authority agreed to publish the disclosure for the purpose of amending the third article of the articles of association of the “Egyptian Poultry” company by adding the real estate investment activity for the company’s purposes.

The Authority approved the provisions of Article 48 of the rules for listing the Egyptian Stock Exchange, regarding the decision of the EGEPCO Board of Directors, which was held on March 3.

The company returned the approval of the authority justifications and reasons for the amendment, given the decisions of the Minister of Agriculture and the Governor of Giza to transfer slaughterhouses and farms outside the residential block and the decisions of the extraordinary general assembly held on December 27, 2016 to sell automated slaughterhouses and farms owned by the company related to poultry activity.

As well as the diversification of activities in the Egyptian Company for Poultry and the benefit from the cash flows available to it from the sale, which will achieve returns for the company and its shareholders.

The stock exchange management decided to stop dealing in the company’s shares for a period of 10 minutes until the published news is read.

“Artej Investment and Real Estate Development” company reduced its stake in “Egyptian Poultry” from 40.874% to 36.262%.

Artej sold about 1.963 million shares at a total value of 14.427 million pounds, at an average price of 7.347 pounds per share.

The shares of the groups associated with the shareholder are as follows: Waad Consulting and Development Company by 18.133%, Banader Investment 5.55%, Cairo Investment and Development 0.023%, and the total associated ratio is 23.706%.

The Egyptian Poultry Company incurred net losses of 2.58 million pounds since the beginning of January until the end of last September, compared to 2.45 million pounds during the same period last year.

The company’s revenues increased during the nine months to reach 2.97 million pounds by the end of September, compared to 1.15 million pounds during the same period last year.

The article Financial Supervision approves the addition of the real estate investment activity to “Egyptian Poultry”, which was written in the Al-Borsa newspaper.