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Lift Slab’s shareholders approve stock split

Lift Slab’s shareholders approve stock split
The number of the company’s shares will be increased to 45.2 million
Lift Slab Misr
EDBM
-0.32% 0.31 -0.00

Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian for Developing Building Materials (Lift Slab) approved a five-for-one stock split.

The company’s shareholders approved a recommendation to split the share’s nominal value to EGP 1.24 from EGP 6.2, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Accordingly, the number of the company’s shares will be increased to 45.2 million from 9.05 million, while the issued and paid-in capital will remain at EGP 56.12 million.

It is noteworthy that during the first half of 2019, Lift Slab logged a net profit of around EGP 228,600, compared to about EGP 37,700 in the year-ago period.