ABU DHABI: E7 Group PJSC, a provider of commercial printing, security printing and solutions, sustainable packaging and distribution services, listed on the Abu Dhabi Securities Exchange (ADX), today held its first Annual General Meeting (AGM) as a publicly listed company, chaired by Ahmed Al Shamsi, Chairman of E7’s Board of Directors.
In addition to the consideration and approval of several ordinary items, E7 Group’s shareholders approved a share split of E7 shares, whereby each issued share of AED 2.5 in the capital of the Company shall be converted into ten issued shares of AED 0.25 each in the capital of the Company.
The share capital of the Company has been set at AED 524,812,500 divided into AED 2,099,250,000 shares, having a nominal value of AED 0.25 each, fully paid as cash shares.
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, which will allow trading in smaller value increments – something we know is of value to our growing retail investor base. The Board and Management believe E7’s multi-segment, cross-market growth strategy presents significant long-term opportunity, and we’ll continue to take decisions that are beneficial for our shareholders and E7.’
E7 expects the share split to be completed in the second quarter of 2024, subject to regulatory processes.
At today’s AGM, E7’s shareholders also approved the Group’s 2023 financial statements. In the twelve months to 31st December 2023, E7 Group delivered robust revenue growth of 10 percent year-on-year to AED 631.9 million. EBITDA for the period improved by 45 percent year-on-year to AED 171.1 milli
on due to solid revenue expansion and targeted efficiency improvements, while net profit before non-cash listing expense improved by 106.6 percent year-on-year to AED 140.3 million.
As of 31st December 2023, E7 Group’s cash stood at AED1.29 billion , providing the group with ample capacity to invest in growth projects, including investment in technological capability, talent and organic and inorganic growth opportunities.
E7 expects to deliver continued top and bottom-line growth in 2024, led by its security solutions and sustainable packaging segments. The Group has recently announced several new security solutions and commercial printing contracts and expects to announce additional commercial contract wins in Q2.
Source: Emirates News Agency