Cairo – Mubasher: Misr National Steel (Ataqa) has approved to split the nominal value of the share to EGP 0.5, instead of EGP 5.
This decision aims at boosting trading on the stock by increasing the ownership base of the stock and cutting its market value to be adequate, which will not allow other segments of shareholders to enter the company, according to a filing to the Egyptian Exchange (EGX) on Sunday.
The board called the extraordinary general meeting (EGM) to look into the stock split and amend the articles 6 and 7 of the company’s articles of association.
Ataqa previously reported a 103% year-on-year surge in profits for the first nine months of 2018.
The company logged EGP 187.3 million in profits during the January-September period of this year, versus EGP 92.3 million in the year-ago period.
