ARAB CO.,FOR ASSET MANAGEMENT AND DEVELOPMENT Arabia Cotton Ginning Company (CASE:ACGC) agreed to spin off Arab for Assets management and Development on December 22, 2016. The Board approved the split of the company into two separate entities. The original company's name will be kept unchanged, while the new company will be named Arab for Assets management and Development.
Arabia Cotton Ginning targets to transfer all the lands plots, including the land of the new company, in addition to EGP 8.95 million to the new company. The existing shareholder will own the same number of shares in the new company. The company will call a general meeting after obtaining the EGX approval.
The deal has been approved by the shareholders of Arabia Cotton Ginning Company at an EGM on February 23, 2017. As of December 7, 2017, the transaction was approved by Egyptian Financial Supervisory Authority, to whom documents were submitted for approval as per extraordinary general assembly dated September 30, 2017. As of June 6, 2018, Arab Cotton Ginning submitted documents listing to be amended resulted from the splitting its structure into two companies, to EGX.
The documents will be reviewed to be presented to the listing committee.
