In its first annual general meeting as a listed company, shareholders of E7 Group, the Abu Dhabi-based speciality printer and packer, have approved a 1:10 split in the company’s shares.
The Abu Dhabi Securities Exchange (ADX) listed company’s shares, which were issued at a face value of AED2.5, will now be converted into ten issued shares of AED0.25 each in the capital of the company.
The share capital of the E7 has been set at AED524.81 million ($142.9 million), made up of 2,099,250,000 fully paid-up cash shares.
Ahmed Al Shamsi, Chairman of E7 Group who chaired the AGM, commented: “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 the 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, allowing trading in smaller value increments – something we know is of value to our growing retail investor base.
The company expects the share split to be completed in the second quarter of 2024, subject to regulatory processes.
E7 shareholders also approved the group’s 2023 financial statements at the AGM. For the twelve months ending 31 December 2023, it posted a 10 per cent increase in revenue to AED631.9 million ($172.06 million). EBITDA for the period improved by 45 per cent year-on-year to AED171.1 million due to revenue expansion and targeted efficiency improvements. Net profit before non-cash listing expense improved by 106.6 per cent to AED140.3 million.
As of 31 December 2023, the group’s cash stood at AED1.29 billion ($350 million), providing the group with ample capacity to invest in growth projects.
Al Shamsi expects E7 to deliver continued top and bottom-line growth in 2024, led by its security solutions and sustainable packaging segments.
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