Arab Finance: Elsaeed Contracting and Real Estate Investment Company’s extraordinary general meeting (EGM) has approved decreasing the company’s issued and paid-up capital via writing off 24.72 million treasury shares at a par value of EGP 1 per share, according to a statement sent to the EGX on April 9th.
Thus, the capital shall be trimmed by EGP 24.719 million to EGP 730.07 million from EGP 754.79 million.
Established in 1964 and fully privatized in 1997, the company is primarily engaged in providing general and specialized contracting and construction services.