The stock exchange listing committee agreed to reduce the authorized capital of “Ismailia Egypt Poultry” from EGP 2 billion to EGP 1.7 billion.
This came in accordance with the provisions of Article (10) of the rules for listing and writing off securities amended by the Financial Supervisory Authority Resolution No. 138 of 2020 issued on 08/31/2020, where the last paragraph of Article “10” stipulated the following:
“The company whose shares are listed on the Egyptian Stock Exchange is obligated to have its authorized capital not exceed five times its capital.”
The committee also approved the amendment of Article 4 of the Articles of Association of the “Ismailia Poultry” Company, in accordance with the provisions of Law No. 14 of 2012 regarding integrated development in the Sinai Peninsula, to become the fourth article after the amendment as follows:- 12 Ismailia Suez Desert Road – Sarabium – Fayed Center, Ismailia Governorate, and the location of the activity is practiced throughout the Republic, except for the Sinai Peninsula region.
The board of directors may also establish branches, offices or agencies for it in the Arab Republic of Egypt or abroad, except for the Sinai Peninsula region, in which case the approval of the authority is required in advance to open branches in it, taking into account what was stated in the Prime Minister’s Resolution No. 350 of 2007 and the decision of the President of the Arab Republic of Egypt No. 356 of 2008 and Decree-Law No. 14 of 2012 and its amendments.
The stock exchange management warned the company to comply in the future with the provisions of Article No. 26 of the rules for listing and delisting securities and Article No. 26 of its executive procedures.
The article was written in Al Borsa newspaper, which approved the reduction of the capital of “Ismailia Poultry” to 1.7 billion pounds.