Live: The Egyptian Exchange’s Securities Listing Committee has approved the listing of Vertika for Industry and Trade Company, amending Article (3) of the company’s articles of association. This amendment adds new activities to the company’s purpose, including establishing and operating a metal processing and forming factory, establishing a factory for manufacturing spare parts for machinery, equipment, and molds, and general trade and distribution, as permitted by law. The exchange stated in a statement on Thursday that the activities include export and commercial agencies, with the company adhering to the provisions of Law No. 121 of 1982 regarding the Importers’ Register and Law No. 7 of 2017 amending certain provisions of Law No. 121 of 1982. The company also adheres to the provisions of Law No. 120 of 1982 regarding the regulation of commercial agency activities. This is without prejudice to the provisions of applicable laws, regulations, and decisions, and is subject to obtaining the necessary licenses to practice these activities and to maintaining separate accounts for each activity. The committee approved amending the company’s head office and legal domicile by amending Article (4) of the company’s Articles of Association (according to the minutes of the Extraordinary General Assembly dated November 15, 2020, and March 31, 2021). The committee also approved imposing a financial obligation on the company in the amount of EGP 10,000, due to its violation of the provisions of Article (48) of the Rules for Listing and Delisting Securities on the Egyptian Stock Exchange. The committee granted the company a 15-day grace period to pay the financial obligation, starting from the date of notification of the Listing Committee’s decision. For the first quarter of 2021, Vertika Industry and Trade achieved a net profit of EGP 256,850 from the beginning of January to the end of March, compared to EGP 159,340 in profits during the same period last year. The company’s revenues increased during the period, recording EGP 7.1 million by the end of March, compared to EGP 5.45 million during the same period last year.
Vertika
For Industry and Trade