CAIRO: Lecico Egypt’s will distribute a 33.33 percent bonus issue on July 7, raising the number of outstanding shares to 80 million from the current 60 million.
The bonus issue, approved by shareholders on March 29, will be distributed to all shareholders as of July 6 and is meant to improve liquidity.
Gilbert Gargour, Lecico Egypt’s chairman and CEO, said in a statement, “The bonus issue is being done in an effort to improve our liquidity and make our share more appealing to retail investors.
“I have been pleased with the impact the announcement has had in this regard, and I hope this improved liquidity and wider shareholder base will continue following the bonus share distribution.”
