ArabFinance: The extraordinary general assembly of the Egyptian Modern Education Systems (MOED) approved amending the nominal value of the company’s share to be EGP 0.10 instead of EGP 1 each, according to the company’s filing to the Egyptian Exchange on March 21st.
The decision is pending the Financial Regulatory Authority’s (FRA) approval.
Shareholders also approved authorizing the company’s board to amend Articles (7-6) after obtaining the FRA’s approval.
The company posted a net profit of EGP 2.34 million during the July-December period of 2020.
Established in 2001, the company operates within the consumer services sector focusing on education services.