Daily News Egypt

Samcrete plans to delist Al Dau Heights stock from EGX - Daily News Egypt

Advertising Area



Advertising Area



Samcrete plans to delist Al Dau Heights stock from EGX

Samcrete aims to maintain the listing of other companies, resulted from the division of the parent company, such as Samcrete Building Systems which will increase its capital


Samcrete Misr Engineers and Contractors is planning to delist Al Dau Heights company’s stock from the Egyptian Exchange (EGX) in 2017. Al Dau Heights will be a division of Samcrete, after the latter will be split up into several entities.

Sameh Waheb, head of investor relations at the company, said that Samcrete seeks to get the General Authority for Investment and Free Zones’ (GAFI) approval to divide the company into four companies, after the general assembly of the company agreed on the procedures of the division last month.

He added that the general assembly decided to split the company into four entities: Samcrete Misr Engineers and Contractors with a capital of EGP 112.2m; Samcrete Building Systems with a capital of EGP 36.5m; Samcrete for Real Estate Development with a capital of EGP 301.698m; and Al Dau Heights with a capital of EGP 18.9m.

According to the EGX listing rules, the issued capital should not be less than EGP 50m. Waheb said that Al Dau Heights does not want to adjust its situation in the EGX, and prefers to be delisted, especially as it will only be the owner of the land of the Al Dau Heights project owned by Samcrete. However, the implementation of this decision requires the approval of the general assembly.

Waheb said that Samcrete will maintain the stocks of the other companies, and intends to increase the capital of Samcrete Building Systems.

Samcrete Misr Engineers and Contractors and Samcrete for Real Estate Development are compatible with the EGX listing rules, in terms of the minimum capital.

Samcrete for Real Estate Development is implementing a major project on an area of ​​400,000 sqm in west Cairo, called Pyramids Heights with investments of EGP 1.2m. The new project will include a commercial complex on an area of ​​211,000 sqm and 600 residential units.

The project’s revenues are expected to reach EGP 1bn, and the delivery of the units will start in the first quarter of 2020.

Waheb expected to get the GAFI’s approval for the division of the parent company before the end of the first quarter of this year, and it will be followed by a general assembly of shareholders. Afterwards, they will seek the approval of the Egyptian Financial Supervisory Authority (EFSA).

It is to be noted that Samcrete Misr is listed on the EGX and includes multiple activities, including investment, real estate development, concrete products, building systems, and contracting which involves roads, facilities, civil works, and construction. The company is responsible for the development of 3m sqm in the industrial zone of 6th of October City.

During the first nine months of 2016, the company achieved a net profit of EGP 3.93m, compared to EGP 7.125m during the same period in 2015. The company’s revenues in the comparative period reached EGP 694.15m, up from EGP 447.3m.

According to the financial statements, Samcrete has a capital of EGP 300m, with three million shares at a nominal value of EGP 100. Samcrete has 2,964 blue-chip stocks and 35,000 average stocks.

Advertising Area



https://cdn2.dailynewsegypt.com/2017/01/25/612462/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe