Cairo – Mubasher: Wadi Degla Holding’s shareholders who want to own shares in Reacap Financial Investments should obtain an approval from the Egyptian Financial Supervisory Authority (EFSA) prior to Reacap’s general assembly due to the ownership restrictions of operating companies’ shares, according to the EFSA on Sunday.
This move aims to maintain the stability of non-banking financial markets and the efficiency of markets, as well as to protect the rights of shareholders, the EFSA said.
On 8 August, Reacap’s board agreed on increasing the amount of issued capital, and the increased shares will be issued in return with the acquired shares by 99.99% of Wadi Degla Holding’s shareholders.
The chairman of Reacap’s board has been assigned in the extraordinary general meeting (EGM) to study the issued and paid capital share.
The board also approved the fair value (FV) of Reacap’s stock, prepared by Fincorp Investment, at EGP 11.09 per share.
Reacap’s capital share reached EGP 500 million in the Egyptian Exchange (EGX), at a par value of EGP 10.09 per share.
Naeem Holding owns 56% of Reacap’s shares, with investments equivalent to 19.5% of Naeem’s total investments, according to the statement.
