Cairo - Mubasher: The board of Pharaoh Tech for Control and Communication has approved, on 23 December, a stock split of the company’s shares to total 1 million shares instead of 5 million.

The Egyptian listed company will decrease the share value to EGP 1 from EGP 5 per share, according to a bourse filing.

It is worth noting that the net losses of Pharaoh Tech amounted to EGP 4.54 million during the first six months of 2021, compared to around 479, 159 net losses in the same duration in 2020.

There were no sales registered during January-June 2021, while sales in the same period in 2020 reached EGP 1.26 million.

During the first quarter (Q1) of 2021, Pharaoh Tech incurred net losses of EGP 4.41 million, against profits worth nearly EGP 74,960 in the same quarter of 2020.