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Egyptian regulator demands alteration of SODIC stock split

Egypt's financial regulator has approved a share split by real estate firm SODIC but has demanded a change to the ratio of new shares to old, Reuters has reported. SODIC's board last week approved a five-for-one stock split, but the Egyptian Financial Supervisory Authority (EFSA) said the nominal par value of the new stock should be EGP4 per share compared with the current price of EGP10, implying a 2-1/2 for one split.