the BOD of Naeem Holding has decided on its meeting held Nov,1st,2007 to cancel the previous meeting's decisions in what concerns with undertaking a capital increase through a rights issue, the capital increase was intended to cover the company’s expansions in the gulf territory. The company received enough liquidity from the sale of its stake in Al Watany Bank of Egypt, so. It doesn’t need the capital increase anymore.
Accordingly the company decided to buy a majority stake in Naeem- Saudi Arabia at price/earnings ratio of 5x of its ''normalized earnings'' in 2008 after undertaking due diligence exercise on the company.
From another perspective the board has also endorsed issuing GDRs in London Stock Exchange with coordination with The Bank of New York Mellon.
