Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA), said that careful procedures are behind the delayed ratification of the minutes of the ordinary general meeting of Arabia Investments, Development, Financial Investment Holding Co.

He pointed out that EFSA decided, for the first time, to decrease a capital of a listed company on EGX; and the implementation requires careful procedures.

The company’s general meeting revoked an earlier approval, dated June 7, 2008, on capital increase by the value of share in-kin presented by Mohamed Ali Kamel Metwalli and Fekria Abdel Hamid Ahmed and capital decrease by the same value.

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