Cairo – Mubasher: The listing committee of the Egyptian Exchange (EGX) gave go ahead to Kuwait - based Al Salam Group Holding to issue GDRs.

The company will issue GDRs with maximum number of 3.4 million certificates.

EGX stated that each GDR will be equivalent to one stock at maximum price of EGP 2.6 that is equivalent to 45 Kuwaiti fils per each GDR.

Last April, Al Salam's general meeting approved listing the company's shares on the Egyptian market.

Al Salam posted a 953.2% surge in net earnings for the fiscal year 2014 to KWD 1.98 million, compared with KWD 188,000 in 2013.

The company operates with KWD 25.68 million capital, divided into 256.8 million shares at a par value of 100 fils each.