Cairo – Mubasher: The board of Alexandria Container and Cargo Handling Co has approved to split the nominal value of the share to EGP 0.50, instead of EGP 5.

The board also agreed to amend Article 11 of its articles of association, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.

In July, a source at  Alexandria Container said that the company was seeking to float an additional stake of its shares on the Egyptian bourse in the fourth quarter of 2018.

The financial indicators of Alexandria Container previously showed a 23.9% year-on-year increase in net profits for the first 11 months of fiscal year 2017/2018, recording EGP 2.33 billion from EGP 1.88 billion.

The EGX-listed firm’s capital amounts to EGP 744.8 million distributed over 148.9 million shares at a par value of EGP 5 per share.