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Arab Aluminum EGM endorses stock split

Arab Aluminum EGM endorses stock split
Arab Aluminum
ALUM
-0.08% 12.54 -0.01

The extraordinary general meeting of Arab Aluminum Co. has approved on Sunday the reduction in the stock’s par value to EGP 5 from EGP 10.

The meeting also amended articles of incorporation accordingly.

The company currently operates with EGP 28.3 million capital, divided into 2.8 million shares at EGP 10 par value each.

The company had posted EGP 9.293 million net profit for the first nine months of FY14, with a 3.7% fall year-over-year from EGP 9.555 million.