Gasel Limited exits from Nile City Investments

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GAZELLE LTD INC has sold its entire stake in the capital of the Nile City Investment Company, with a total value of 399.4 thousand pounds.

The company indicated that “GAZELLE” sold 1,160 shares of Nile City Investment, which represents its entire stake in the company by 0.016%, with a total value of 399.36 thousand pounds, at an average selling price of 344.2 pounds per share.

She noted that the proportion of shares of groups linked to shareholders is 55.68%.

HERMES REAL ESTATE AND DEVELOPMENT LIMITED raised its stake in the capital of “Nile City Investment” from 1.21% to 22.57%.

And “Hermes Real Estate Investment” bought 1.54 million shares from “Nile City Investments” with a total value of 533.09 million pounds, with an average purchase price per share within the deal of 344.2 pounds per share.

The company clarified that the proportion of the shares of the groups linked to the shareholders is 55.68 percent.

And the stock exchange management revealed the completion of the implementation of a deal through the mechanism of high-volume deals on “Nile City Investment” company during today’s session, with a total value of 952.06 million pounds.

The deal was executed on 2.77 million shares, with a total value of 952.06 million pounds.

“Nile City Investment Company” invited its shareholders to attend the Extraordinary General Assembly on the 23rd of next October; To discuss the splitting of the nominal value of the company’s share from 100 pounds to 10 pounds.

The general assembly will also discuss the amendment of Articles 6 and 7 of the company’s articles of association in accordance with what will result in the splitting of the nominal value of the share.

Yesterday, the Financial Supervisory Authority approved the splitting of the nominal value of the “Nile City Investment” share from 100 pounds to 10 pounds.

The EGX management decided to stop trading on the company’s shares for 10 minutes until the published news was reviewed, with all offers and requests registered on the company’s shares suspended before publishing this announcement.

The board of directors of the Nile City Investment Company had agreed to split the nominal value of the share from 100 pounds to 10 pounds, and to present it to the extraordinary meeting at its next meeting.

The company said that this is in implementation of the last paragraph of Article 48 of the listing rules regarding the justifications for splitting.

The Nile City Investment Company had invited its shareholders to attend the Extraordinary General Assembly to take the necessary measures to reconcile the situation.

The general assembly will consider approving the proposed time plan for adjusting the company’s situation to continue its listing on the stock exchange, as well as authorizing the board of directors to choose an investment bank.

The assembly will also consider approving the project of dividing the company’s shares, as well as offering a timetable to extend the company’s legal life for another similar period.

At the end of last August, the company’s board of directors, Nile City Investment Company, agreed to address the Egyptian Stock Exchange to extend the period granted to the company to adjust its positions for a period of 6 months, in order to continue its registration in accordance with the rules of listing and delisting.

The company added that it is negotiating during the current period with a group of outside investors to achieve 10% of freely traded shares.

It is noteworthy that the company achieved a net profit of 35.294 million pounds during the year 2020, compared to 598.672 million pounds in the comparative year 2019.

Revenues fell to 533.409 million pounds, from the beginning of January to the end of last December, compared to 1,186.154 billion pounds in the comparable period.

Gross profit fell during the same period to 309.981 million pounds, compared to 735,670 million pounds in the same period in 2019.

The basic share of profits amounted to 4.87 pounds, compared to 82.58 pounds in 2019.

The article “Gazelle Limited” exits from “Nile City Investment” was written in Al Borsa newspaper.