Amer Group, BNY Mellon ink deal to issue GDRs

CAIRO – 9 August 2017: Amer Group Holding Co signed an agreement with Bank Of New York (BNY) Mellon Corp to convert and transfer a part of the group’s issued capital into global depository receipts (GDRs), a Wednesday statement said.

Late July, Amer Group received the Egyptian Financial Supervisory Authority’s (EFSA) approval for its issuance of GDRs up to one-third of its issued and paid-up capital.

The approval followed the Egyptian Exchange’s (EGX) decision to lift restrictions on Egyptian investors who buy GDRs by purchasing shares on the EGX in Egyptian pounds, allowing them to receive their returns in U.S. dollars.