ArabFinance: The Egyptian Exchange's (EGX) concerned committee approved listing the new shares of Electro Cable Egypt following a stock split from EGP 1 to EGP 0.20 per each, according to EGX disclosure. 

The company's capital will be distributed over 3,557,236,925 shares instead of the previous 711,447,385. 

The new shares will be listed on the EGX database on January 27th. 

Earlier, the company decided to sell its industrial land plot which is untapped. The land area is about 25,430 square meters that would be sold at a price of EGP 4,650 per square meter.

The market value of the land amounts to EGP 336 million according to the fair value study prepared by Riqueza Financial Consultancy, the independent financial advisor.

Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium and high-tension power cables, isolated cables, and telephone communication cables.