Press releases, Reports & Disclosures for E7 Group PJSC

The text is a review report and condensed consolidated interim financial information for E7 GROUP P.J.S.C. This report covers the financial performance of the company for the three-month period ending on 31 March 2024.

The Abu Dhabi Securities Exchange (ADX) has issued a circular (19/2024) announcing a temporary suspension of trading on E7 Group shares. This follows the results of the E7 Group Company's General Assembly Meeting on 24/04/2024, where approval was given for the company's share split in line with Article (10/11) of the Listing and Disclosure Rules of the Operating Market. The trading suspension will take place on Friday, 03 May 2024 and Monday, 06 May 2024 due to the entitlement date of the Bank's shares split on 02/05/2024. Trading is expected to resume on Tuesday, 07 May 2024.

E7 Group has entered into a strategic partnership with German identity and security systems manufacturer, Diletta Maschinentechik GmbH. Under the Memorandum of Understanding (MoU), E7 will provide high-security document production services for Diletta's clients, while Diletta will promote E7's products to its customer base. This partnership is a significant step in E7's global growth strategy, extending its reach beyond the 25 countries it currently serves. It aligns with the company's ambition to expand through customer acquisition, partnerships, joint ventures, and mergers and acquisitions. The partnership is expected to unlock new customer and market opportunities for E7, particularly in Europe.

The Chief Executive of the Abu Dhabi Securities Exchange has issued Resolution No. (390) to suspend the trading of E7 Group PJSC shares effective from 3-May-2024 until further notice. This is in accordance with Articles No. (10/11) & No. (38) of the Abu Dhabi Securities Exchange Listing and Disclosure Rules. All departments of the Abu Dhabi Securities Exchange are required to implement this resolution. This resolution will be circulated to the respective company, brokers and will be effective from the issuance date, which is 3-May-2024.

The E7 Group PJSC held its Annual General Assembly Meeting on 24 April 2024. The meeting was chaired by H.E. Eng. Ahmed Sulaiman Khalfan Salem Alshamsi, Chairman of the Board of Directors, and achieved a quorum of 55.49%. The assembly approved all ordinary resolutions, including the Board of Directors' report on the company's activities and financial position for 2023, the external auditors' report, and the company's balance sheet and profit and loss account for 2023. The assembly also approved the board's recommendation of no cash dividends distribution and no payment of remuneration to the board for 2023. The board and auditors were discharged from liability for their 2023 activities. Lastly, the assembly approved the auditors’ additional fees for 2023, totalling USD 130,200 plus any applicable VAT.

At its first Annual General Meeting (AGM) as a publicly listed company, E7 Group shareholders approved a share split. Each issued share of AED 2.5 in the company's capital will be converted into ten shares of AED 0.25 each. The share capital of the company is set at AED 524,812,500, divided into 2,099,250,000 shares, each having a nominal value of AED 0.25. The share split is expected to be completed in Q2 2024. The shareholders also approved the Group's 2023 financial statements, which showed a 10% YoY revenue growth to AED 631.9m. The Group's cash stood at AED 1.29bn as of 31 December 2023.

E7 Group, a leading provider of commercial printing and security solutions based in the UAE, has signed contracts worth more than AED65 million ($17.7 million) to provide security solutions and commercial printing in Africa and the Middle East. This move strengthens E7’s regional position and supports its growth plans. The contracts include a one-year agreement for printing examination papers and a two-year agreement for supplying ePassports. E7 Group now provides services to clients in 25 countries and is listed on the Abu Dhabi Securities Exchange.

The Board of Directors of E7 Group PJSC has invited shareholders to the Annual General Assembly Meeting (AGM) on 24th April 2024. The meeting will be held both in-person and virtually, with registration for virtual attendance required. The agenda includes consideration and approval of financial reports, Board of Directors' report, external auditors' report, and the proposal for no cash dividend distribution for the financial year ended 31 December 2023. Other items include approval of board remuneration, discharge of board members and auditors from liability, and the appointment of external auditors for 2024. A special resolution item is the proposed stock split, converting each issued share of AED2.5 into ten shares of AED0.25 each. The meeting will also consider any necessary actions to implement these resolutions. Shareholders registered by 23 April 2024 are eligible to vote, and corporate shareholders can delegate representatives. The meeting will be recorded, and related documents are available online.