Cairo – Mubahser: Arab Cotton Ginning will hold extraordinary general meeting to tackle splitting the company into companies, said a bourse filling.
The company will also file with the Egyptian Exchange to amend the listing of the company’s stock following this move.
Arab Cotton Ginning stated that it will transfer its whole land bank to the new company in addition to an amount of EGP 8.9 million in order to support the new company that will carry the name of “Arab company for developing and managing assets”.
Arab Cotton Ginning is currently capitalized at EGP 1.3 billion, distributed across 264.8 million shares at EGP 5 par value each.
