Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian for Developing Building Materials (Lift Slab) approved a five-for-one stock split.
The company’s shareholders approved a recommendation to split the share’s nominal value to EGP 1.24 from EGP 6.2, according to a statement to the Egyptian Exchange (EGX) on Sunday.
Accordingly, the number of the company’s shares will be increased to 45.2 million from 9.05 million, while the issued and paid-in capital will remain at EGP 56.12 million.
It is noteworthy that during the first half of 2019, Lift Slab logged a net profit of around EGP 228,600, compared to about EGP 37,700 in the year-ago period.
