Egypt's Nile City Investments proposes stock split

The decision will be referred to the shareholders for approval

  
Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

REUTERS/Mohamed Abd El Ghany
Cairo –  The board of directors of Nile City Investments approved a ten-for-one stock split, bringing the share's nominal value to EGP 10 from EGP 100.

The decision will be referred to the company's extraordinary general meeting (EGM) for approval, the company said in a bourse disclosure on Sunday.

In the first quarter (Q1) of 2021, Nile City Investments reported consolidated net profits of EGP 47.19 million, down from EGP 122.73 million in Q1-20, including minority shareholders' rights.

Source: Mubasher

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