Cairo-Mubasher: El Shams Housing rebutted press news about setting the stock's fair value at EGP 7.

This statement came after the Egyptian bourse halted trading on the stock.

The company added that the fair value study was frozen by the financial advisor.

El Shams is completing the procedures of increasing the issued and paid-up capital through distributing 1-for-10 bonus shares, to be financed from FY14 retained earnings.

EGX earlier approved raising the issued capital from EGP 100 million to EGP 110 million. The EGP 10 million increase is divided into 10 million shares at a par value of EGP 1 each.

The company operates with EGP 100 million capital, divided into 100 million shares at a par value of EGP 1 each.