During its inaugural annual general meeting as a publicly listed entity, shareholders of E7 Group, the Abu Dhabi-based specialist printer and packer, have sanctioned a 1:10 division of the company’s shares.
Shares of the Abu Dhabi Securities Exchange (ADX)-listed company, originally issued at a nominal value of AED 2.5, will now be transformed into ten shares valued at AED 0.25 each in the company’s capital.
The share capital of E7 now amounts to AED 524.81M ($142.9M), comprising 2,099,250,000 fully paid-up cash shares.
“Through the shareholder-endorsed share split, we are bolstering investors’ capacity to engage in E7’s strong growth narrative by lowering the price of each E7 share. This move also indirectly promotes enhanced liquidity by increasing the number of E7 shares in circulation, facilitating trading in smaller value increments – a benefit we recognise as valuable to our expanding retail investor community.
The company anticipates completing the share split in the second quarter of 2024, pending regulatory procedures.
At the AGM, E7 shareholders also greenlit the group’s 2023 financial statements. For the twelve-month period ending 31 December 2023, the company reported a 10 per cent revenue rise to AED 631.9M ($172.06M). EBITDA for the same period surged by 45 per cent year-on-year to AED 171.1M, attributed to revenue growth and targeted efficiency enhancements. Net profit before non-cash listing expenses soared by 106.6 per cent to AED 140.3M.
As of 31 December 2023, the group’s cash reserves stood at AED 1.29B ($350M), providing ample capacity for growth investments.
Al Shamsi anticipates sustained growth in both revenue and profit for E7 in 2024, fuelled by its security solutions and sustainable packaging segments.
