MEMPHIS REISEN

GTEX commences trading on Egyptian Exchange – Dailynewsegypt

GTEX for Commercial and Industrial Investments has announced the commencement of trading on the Egyptian Exchange. Effective Sunday, GTEX shares are available under the Reuters code GTEX. This follows the successful horizontal demerger from Al-Arafa for Investments and Consultancies S.A.E, as ratified by the extraordinary general assembly on 22 November 2023. The issued capital stands at $16.9m, distributed across 470,250,000 shares, each valued at $0.036.

GTEX boasts a diverse investment portfolio, including a significant stake in textile manufacturing via Goldentex Wool Co., a leading entity in the wool sector with over 70% of its total sales derived from exports. Additionally, GTEX has ventured into the retail domain through its UK-based subsidiary, Baird Group, which manages an array of brands in both physical stores and the digital marketplace. The company’s strategic investments extend to the real estate sector through Al-Arafa Real Estate Company, which possesses a collection of undeveloped properties, and to the financial services industry via FC Trading located in the Dubai Multi Commodities Centre (DMCC). It is projected that the group’s consolidated sales will surpass EGP 3 billion in the first fiscal year.

Deputy CEO Mohamed Morsy expressed enthusiasm about the trading launch: “We’re thrilled to initiate trading of GTEX shares on the Egyptian Exchange. Our vision includes ambitious growth plans to bolster our global market presence and leverage our competitive edge. We aim to achieve this through a robust strategy encompassing both the industrial and commercial sectors, particularly focusing on Goldentex Wool Company and Baird Group in the UK.”

Vice Chairperson and CEO Alaa Arafa shared his excitement: “The inception of GTEX, steered by a team of adept and professional leaders, fills me with pride. We are eager to expand our investments, especially in textile manufacturing to enhance exports and in the UK retail sector, by investing in innovation, business development, and technology.”

Non-Executive Chairperson Amin Abaza also remarked on the milestone: “I am proud to witness the launch of GTEX trading on the Egyptian Exchange post-demerger. I am confident in our ability to amplify the company’s investments and I extend my best wishes to the entire team as we strive to realize our future vision, aiming to boost profitability and shareholder value.”