Arab Finance: Sabaa International for Pharmaceutical and Chemical Industry (SIPC) announced that the split of its stock will be effective as of Tuesday, November 8th, according to a filing to the Egyptian Exchange (EGX) on Wednesday.
The new value and number of shares will be applied to shareholders until the record date of November 7th.
On September 12th, the company’s extraordinary general meeting (EGM) endorsed splitting the stock’s value to EGP 0.40 from EGP 2.
Accordingly, the number of capital shares will be 250 million instead of 50 million nominal shares.