(2018-05-30) Porto Group's Board suggests stock grouping Porto Group (PORT) announced in a statement sent to EGX, the Board of Directors was convened on May 28.
The Company's Board approved the feasibility study regarding the reasons of amending the nominal value, through stock grouping, as the issued capital is amounting to LE601,859,893, distributed over 1,003,099,822 shares, in addition to the reasons of issued capital hike in cash after the stock grouping, which will be financed from the existing shareholders.
It is noteworthy, the Board ratified submitting a proposal to the extraordinary general assembly (EGM), in order to review amending the nominal value through stock grouping of six shares to be one share.
The company's stock will be amounting to LE0.60 after the stock grouping.
The Board will submit authorized capital hike to EGM from LE1.5 billion to LE3 billion, as well as the issued capital hike from LE601,859,893 to LE1,140,000,000, through the issuance of 896,900,178 shares.
