Last Update 23:45
Wednesday, 17 July 2019

Egypt regulator tells SODIC to alter stock split

Reuters, Wednesday 15 Dec 2010
Share/Bookmark
Views: 687
Share/Bookmark
Views: 687

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.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.