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Egypt regulator tells SODIC to alter stock split

Reuters, Wednesday 15 Dec 2010
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Egypt's financial regulator approved a share split by real estate firm SODIC on Wednesday but demanded a change to the ratio of new shares to old.

The nominal par value of new SODIC stock should be 4 Egyptian pounds per share compared with the current price of 10 pounds, implying a 2-1/2 for one split, the Egyptian Financial Supervisory Authority (EFSA) said in a statement.

SODIC's board last week approved a five-for-one stock split to facilitate trade on its shares and called an extraordinary general assembly to seek their backing.

Shares in Egypt's third-biggest listed developer, which manages mostly upscale real estate projects, traded at around 111 pounds on the Egyptian Exchange on Wednesday.

The company's management wants to lower that price to bring it in line with what it calls an international trend towards small stock face values.

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