ArabFinance: The extraordinary general meeting (EGM) of Amer Group Holding (AMER) has approved the board of directors’ proposal regarding cutting the company’s issued and paid-up capital, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, the company’s issued and paid-up capital shall decrease by EGP 100.30 million to EGP 902.78 million from EGP 1.003 billion through writing off 100.30 million shares at a nominal value of EGP 1 per share.

Moreover, the EGM has agreed on the amendment of Articles 6 and 7 of the company’s Articles of Association.

The EGM also approved canceling the global depositary receipt (GDR) program.

Amer Group is an Egypt-based leading real estate developer engaged in diversified industry sectors, with its operations being structured into many segments, namely real estate, restaurants, hotels, malls, retail, among others.