Industrial conglomerate GTEX commences trading on Egyptian Exchange
TLDR
- GTEX for Commercial and Industrial Investments commences trading on the Egyptian Exchange under the Reuters code GTEX.
- Horizontal demerger from Al-Arafa for Investments and Consultancies S.A.E ratified by extraordinary general assembly on November 22, 2023.
- Deputy CEO Mohamed Morsy expresses enthusiasm for the launch, emphasizing ambitious growth plans and global market presence.
GTEX for Commercial and Industrial Investments has announced the commencement of trading on the Egyptian Exchange. Effective Sunday, GTEX shares are available under the Reuters code GTEX.
This follows the successful horizontal demerger from Al-Arafa for Investments and Consultancies S.A.E, as ratified by the extraordinary general assembly on 22 November 2023. The issued capital stands at $16.9 million, distributed across 470,250,000 shares, each valued at $0.036.
Deputy CEO Mohamed Morsy expressed enthusiasm about the trading launch: “We’re thrilled to initiate trading of GTEX shares on the Egyptian Exchange. Our vision includes ambitious growth plans to bolster our global market presence and leverage our competitive edge."
Key Takeaways
GTEX boasts a diverse investment portfolio, including a significant stake in textile manufacturing via Goldentex Wool Co., a leading entity in the wool sector with over 70% of its total sales derived from exports. Additionally, GTEX has ventured into the retail domain through its UK-based subsidiary, Baird Group, which manages an array of brands in both physical stores and the digital marketplace. The company’s strategic investments extend to the real estate sector through Al-Arafa Real Estate Company, which possesses a collection of undeveloped properties, and to the financial services industry via FC Trading located in the Dubai Multi Commodities Centre (DMCC). It is projected that the group’s consolidated sales will surpass EGP 3 billion in the first fiscal year.
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