Cairo – Mubasher: Naeem Holding’s board of directors approved carrying out financial restructuring by reducing its capital for meeting listing requirements on Abu Dhabi Securities Exchange, said the company in a bourse filing.
The board proposed to cut $85 million from capital and to operate with $198.722 million rather than $283.8 million, distributed over 283.8 million shares at a par value of $0.7 each.
By the kick-off of 2016, Egypt-based banking service provider uncovered its intention to establish company in UAE capitalized at AED 100 million.
In the first quarter of 2016, the company turned a profit after earning $293,600 (EGP2.6 million), against a net loss of $1.88 million (EGP16.8 million) for the year-ago quarter,
