Cairo-Mubasher: Emaar Misr for Development said its shareholders gave the go ahead, in an extraordinary general meeting (EGM), for reducing the stock’s par value to EGP 1 from EGP 10.

The EGM also approved amending articles of incorporation to reflect the stock split move, the company said in a bourse statement Wednesday.

The Egyptian Exchange (EGX) earlier listed Emaar Misr stock with issued and paid-in capital of EGP 878.34 million, divided into 87.834 million shares at EGP 10 par value each.