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Financial Supervisory Authority asks SODIC to alter stock split ratio

Regulator modified Six of October Development & Investment stock split from 5 to 1 ratio to 2.5 to 1

Ahram online, Thursday 16 Dec 2010
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Views: 868

Egypt’s financial regulator asks Six of October Development & Investment (SODIC) to alter its stock split to 2.5 to 1, instead of the 5 to 1 ratio requested by the company, according to Beltone Financials.

Last week, the company's Board of Directors approved a 5 to 1 stock split in order to boost liquidity and retail participation. The regulator's decision to alter SODIC's board's decision remains unclear at this point.

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