Cairo – Mubasher: The board of Elsewedy Electric Co has approved to split the nominal value of the share to EGP 1 from EGP 10.

This move aims to raise trading on the stock through boosting its equity base and slashing its market value, which will allow new segments of shareholders to join the company, the Arab world's largest listed cable company said in a filing to the Egyptian Exchange (EGX) on Thursday.

The board had approved reviewing the stock split and adjusting article 6 and 7 of the company’s main system, the Egyptian cable maker noted. 

Elsewedy Electric’s capital amounts to EGP 2.18 billion distributed over 218.4 million shares at a par value of EGP 10 per share.