Concrete Fashion Group for Commercial and Industrial Investments announced the completion of its demerger process and the commencement of trading under the Reuters code "CFGH" effective today, March 24th, 2024. The demerger, approved by the company's extraordinary general assembly meeting on November 22nd, 2023, aimed to streamline operations. The issued capital has been reduced to $32,917,500, divided into 470,250,000 shares with a par value of 7 cents per share. "Our focus over the past two years has been on crystallizing the core value of the Group's investment strategy," said Mohamed Talaat, Deputy CEO. "This includes strengthening the Concrete Fashion brand locally and internationally, while simultaneously developing our sophisticated garment export business to serve the finest European and American fashion houses. This strategy prioritizes generating foreign currency inflows and creating jobs in Egypt." Talaat emphasized the importance of strong leadership in ensuring sustainable growth and best corporate governance practices. "We are fortunate to have a professional management team backed by a powerful board," he said. "This includes our reputable non-executive Chairperson, Luisa Cicognani, and independent board members such as Hani Berzi and economist Hassan El Khatib." Alaa Arafa, Vice Chairperson & CEO, expressed his satisfaction with the demerger's completion. "This strategic step allows us to sharpen our focus on core businesses, deliver greater value to shareholders, and expand our exports, a significant source of foreign currency and job creation that benefits both the company and the Egyptian economy," he said. "I would like to express my gratitude to the team whose contributions were instrumental in reaching this milestone in the company's history." Cicognani, Non-Executive Chairperson, congratulated the management team on the successful demerger. "We are embarking on an exciting new chapter," she said. "With the continued support of our shareholders, stakeholders, and dedicated employees, I am confident that Concrete Fashion Group will become a benchmark for solidity, commitment to excellence, and support for the Egyptian economy, both within the country and the region."
