Arab Engineering Industries decided to reduce the stock par value from EGP 7.5 to EGP 2.75. The company’s capital will remain unchanged at EGP 22.675 million, divided into 6.046 million shares instead of 3.023 million shares.
Shareholders of record till the close of trading on Sunday, September 28 will be entitled to the stock split.
The stock will start trading at the new par value as of Monday, September 29.
The company had posted EGP 3.3 million net profit for H1-14, with a fall by 39% compared with EGP 5.4 million in the same period a year earlier.
FY13 net profit had amounted to EGP 8.042 million, with 11% decline compared with EGP 9.049 million in FY12.