Abu Dhabi – Mubasher: E7 Group’s assembly general meeting (AGM) has sanctioned the division of each issued share, previously valued at AED 2.50, into 10 shares, each valued at AED 0.25.
The company’s share capital has been set at AED 524.81 million divided into 2.09 billion shares, according to a press release.
The share split is scheduled to be completed in the second quarter (Q2) of 2024.
Ahmed Al Shamsi, Chairman of E7 Group, said: “I’m proud to reach another important milestone in E7’s journey as a listed company, welcoming our shareholders to our first AGM since our listing on ADX in 2023.”
“Through the share split approved today by E7’s shareholders, we’re enhancing the ability of investors to participate in E7’s robust growth story by reducing the price of each E7 share. The share split also indirectly encourages improved liquidity by increasing the number of E7 shares on issue,” Al Shamsi added.
E7 Group announced an 11% increase in annual revenue to AED 651.93 million and a remarkable 106% increase in operational net profit to AED 140.30 million for 2023.
