Cairo – Mubasher: The board of North Africa Company for Real Estate Investment agreed on reducing the company’s capital to EGP34.125 million from EGP34.375 million by de-listing 1.25 million treasury shares, said the company in a bourse filing.
Accordingly, the number of listed shares is also reduced to 170.625 million shares at a par value of EGP0.20 each.
On 8 October 2014, the company bought back 1.25 million treasury stocks which cannot be held for more than a year as per EGX regulations.
Moreover, the board agreed to amend article no.3 of the memorandum by which the company will stop the activities of imports and commercial brands, and start setting up and operating schools and all types of hospitals.
