The extraordinary assembly of the Arab Company for Asset Management and Development agreed to amend the stock split to 10 piasters instead of 50 piasters.
The company said in a statement to the Egyptian Stock Exchange today, Sunday, that the general assembly also decided to amend the text of articles 6 and 7 of the company’s articles of association.
It is noteworthy that the company lost 4.63 million pounds since the beginning of January until the end of last September, compared to profits of 47.11 million pounds during the same period last year.
The company’s revenues declined during the nine months to 618.92 thousand pounds by the end of September, compared to 51.89 million pounds during the same period in 2019.
The “Arab Asset Management” general article acknowledging the division of its share value into 10 piasters, was written in the Al-Borsa newspaper.