Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt hosts 4th African Trade Ministers' Retreat to accelerate AfCFTA implementation    Egypt's Investment Minister, World Bank discuss strengthening partnership    El Hamra Port emerges as regional energy hub attracting foreign investment: Petroleum Minister    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's gold prices hold steady on Sep. 15th    EHA launches national telemedicine platform with support from Egyptian doctors abroad    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SODIC makes its share more appealing
Sodic, the third biggest real estate listed company is to split its share to 5 shares, after its price reached the highest level in 28 months
Reuters Published in Ahram Online on 10 - 12 - 2010

Six of October Development and Investment (SODIC) is seeking more trading for its shares, as the listed company announced a stock split five shares on Thursday.
Each stock will be split into five, and priced at 20 per cent of the original stock.
A company thinks of a stock split when its price is soaring, making it less "sexy" in the eyes of small investors on the stock market. This is the case for Sodic.
The stock price increased by 32.5 per cent in 2010, almost three fold the EGX 30 increases (10.7 per cent).
SODIC's share reached LE110 ($19) on Thursday and is considered the highest level in 28 months. Its stock jumped by 14.5 per cent during the last quarter and the market main index, EGX 30 by 6.6 per cent.
In the last trade on the stock on Thursday, SODIC rose by 1.9 per cent to reach LE105.
"We try to raise the availability of stock for small investors in the Egyptian stock exchange, therefore increasing the trading and benefiting the company's current shareholders," the SODIC Board of Directors told Reuters.
"Stock split will not add anything to the shareholders but in the Egyptian market, share prices usually rise after stock split news", said Hossam Abo Shamla, head of the research department at Ouroba company.
"I expect the stock to rise by 20 or 30 per cent in the next session, depending on EFSA approval and will be close to its fair value," he added.
"The share split will not change the assessment of the stock because it will only increase the number of shares outstanding," said Harshjit Oza, a financial analyst at Beltone.
"SODIC's stock price is higher than all the stocks in the real estate sector such as the Talaat Moustafa Group and Palm Hills," added Oza.
The stock will be suspended from trading until the Egyptian Financial Supervisory Authority (EFSA) takes the decision of either approving or rejecting the split.

Clic here to read the story from its source.