Egypt Arafa’s shareholders nod to merger of thee units into parent company

The parent company's issued capital will be kept at $94.05mln

  
A trader works at the Egyptian stock exchange in Cairo, Egypt.

A trader works at the Egyptian stock exchange in Cairo, Egypt.

REUTERS/Mohamed Abd El Ghany

Cairo – Arafa for Investment and Consultancies (AIVC) announced that its shareholders had approved the merger of three units into the parent company during an extraordinary general meeting (EGM).

Al Arafa for Investment in Garments Manufacturing, Al Arafa for Investment in Textiles Manufacturing, and Al Arafa for Investment in Marketing and Distribution of Garments will be merged into Arafa for Investment and Consultancies, according to a statement to the Egyptian Exchange (EGX) on Monday.

The merger will be conducted based on the book value of the shares as of 31 October and the issued capital and paid-up capital of the parent company will be kept unchanged at $94.05 million.

From February to April, Arafa for Investment and Consultancies reported a profit of EGP $1.635 million, falling by 13.1% year-on-year from $1.881 million.

As for standalone business, Arafa’s profit net profits grew to $2.028 million in the three-month period ended 30 April, compared to $1.878 million in the prior-year period.

Source: Mubasher

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