SODIC, Egypt’s third-biggest listed property developer, said on Monday its board approved a 2-1/2 for one stock split, in line with a new ratio suggested by the financial regulator.
The firm’s board had approved a five-for-one stock split to make it easier for investors to buy and sell shares, but the regulator demanded the firm change the ratio to help protect minority shareholders.
Shares in SODIC, which manages mostly upscale real estate projects, traded at LE 107.59 per share at 0859 GMT.
SODIC’s board approved the change and called an extraordinary general assembly to seek shareholder backing, it said in a statement.
SODIC’s price per share is higher than that of other real estate firms. Talaat Moustafa Group, Egypt’s biggest listed developer, is trading at around LE 8 per share and Palm Hills at around LE 6.
