The Listing Committee at Egyptian Exchange (EGX) has decided, in a session dated February 23, 2017, to approve decreasing the issued capital of MM Group for Industry & International Trade, which is a listed company, from EGP 396 million to EGP 245.520 million, via reducing the nominal value of its shares from EGP 1 to EGP 0.62, while maintaining the same number of shares, which is 396 shares, EGX reports.
This decision came after splitting the company into two companies: MM Group and MTI Real Estate Investment, which is a non-listed company, in accordance to EGX Listing Rules and their executive actions and amendments, which are issued under the resolution of the Egyptian Financial Supervisory Authority (EFSA) in January 22, 2014.
EGX added that MM Group’s purpose was amended through crossing out importing activities, in light of amending Article No. 3 of the company’s bylaws.
EGX explained that its database will endorse MM Group capital cut starting from Sunday trading session dated February 26, 2017.
Under Article No. 139 of the statute of Law No. 159/1981, MM Group is committed to submit an EFSA-approved disclosure form to EGX in order to be presented to the Listing Committee to approve sending it to two daily highly-circulated morning newspapers and advertisements before launching the IPO and commencing the trading of their shares on EGX.