FRA refuses to split the nominal value of “Al-Oula Investment” shares

4

The Financial Supervisory Authority refused to split the nominal value of the shares of the First Investment and Real Estate Development Company.

The financial control clarified that its decision came after reviewing the justifications for the division provided by the company, and in light of the study carried out by the competent department of financial control.

She pointed out that the First Company for Investment and Real Estate Development submitted a request to the Financial Supervision at the end of last September, in implementation of the provision of Article 48 of the rules for listing and delisting securities in the Stock Exchange, as amended by the Authority’s Board of Directors Decision No. The nominal value of the company’s share from 1 pound per share to 0.1 pounds per share, bringing the number of the company’s shares to 68.750 million shares instead of 6.875 million shares.

was The Board of Directors of “Al-Oula for Investment and Real Estate Development” agreed to split the nominal value of the share from one pound to 10 piasters per share, with the capital remaining the same.

The Board of Directors approved the division of each share into 10 shares, bringing the number of shares to 68.75 million shares.

The board explained that the decision is due to Article 47 of the listing rules, which includes work to attract new shareholders and increase liquidity on the company’s shares, in addition to attracting new segments to trade on the stock after reducing its price.

The Board of Directors of the First Investment and Real Estate Development Company has approved the financial and technical offer submitted by Prime Securities Brokerage.

The Board approved assigning Prime Company the tasks of periodic research coverage reports and following up on the operational and financial performance of the company.

The Board of Directors had agreed to prepare a study on investment opportunities available in the information technology sector, and to include this in the future plans being prepared.

The company said in a statement to the Egyptian Stock Exchange, today, Sunday, that investment in the sector will be made through a sister or subsidiary company or as a major shareholder to work and determine the necessary funding and its sources according to the results of the study.

The company expected to add high investment returns to shareholders in the event of seizing investment opportunities in the information technology sector.

The First Company for Investment and Real Estate Development achieved 1.78 million pounds in profits during 2020, compared to 34.35 thousand pounds in 2019.

The company’s revenues rose to 8.3 million pounds during 2020, compared to 3.73 million pounds in 2019.

The article, “The Financial Supervisory Authority” refuses to split the nominal value of “Al-Oula Investment” shares, was written in Al Borsa newspaper.