Arabia Investments, Development and Financial Investment Holding Company (AIND), formerly known as EIC, plans to offer Peugeot Egypt’s shares on the Egyptian Stock Exchange (EGX) soon.
AIND has withdrawn its decision to sell Peugeot to a strategic investor.
AIND shareholders agreed to assign an international consulting firm in two months to study offering Peugeot Egypt’s EGX shares, instead of selling it to a strategic investor according to an EGX press release Sunday.
An AIND source said Peugeot Egypt is one of the companies affiliated to AIND and they seek boosting its income. The company’s Board of Director decided to submit a recommendation to the shareholders assembly by the end of last week so as not to sell Peugeot.
The official added the Board of Directors believes in Peugeot and its future, as it is a good investment and they are working on its expansion.
The source refused to reveal the name of the consulting firm with which they are currently negotiating with to handle the procedures of offering the shares of Peugeot in EGX.
The company added in its statement that its shareholders decided to “appoint an international consulting firm within 60 days to study the capital increase of Peugeot Egypt through offering its shares in EGX upon finishing the strategic plan”.
Peugeot Egypt’s Capital amounts for about EGP 31m.
Some AIND shareholders who own more than 5% of the company’s shares filed a request to include selling Peugeot Egypt on the General Assembly of Shareholders’ agenda that was held on Saturday.
AIND owns many affiliated companies, the most important of which are Cahromica, Arabian International Company for Steel Structure, and Peugeot Egypt. Peugeot Egypt represents 65% of the revenues of AIND.
The combined net profit of the company amounts to EGP 40,233m till 31 December 2014 compared to EGP 62,394m in 2013.