Egyptian Exchange to list Arab for Asset Management after stock split
Updated 2/8/2021 8:41:00 AM
ArabFinance: The Egyptian Exchange’s (EGX) listing committee held on February 7th approved listing the issued capital cut of Arab Company for Asset Management and Development (ACAMD), according to the EGX’s statement.
The company will reduce its issued capital to EGP 600 million from EGP 1 billion.
EGX will list the new nominal value after being split to EGP 0.10 per share instead of EGP 0.5 per share.
Arab for Asset Management’s shares will be listed as of Wednesday, February 10th, considering dividing the last closing price by “5” to determine the new opening price after the split.
In January, the company’s extraordinary general meeting approved splitting the stock value and cutting the issued capital.
The listed company incurred a consolidated net loss of EGP 3.4 million in the first half (H1) of 2020, against a net profit of EGP 8.37 million in the same period of 2019.
Arab Company provides commercial banking services including deposits, loans, and credit cards, in addition to asset management services including fund management.
