Egypt’s CMA approves Torah Cement stock split

Egypt’s CMA approves Torah Cement stock split
Published: 27 May 2008

Egypt’s Capital Market Authority said on Sunday it agreed to Torah Portland Cement’s plan for a two-for-one share split, which would take the total number of shares in the company to 47.68 million.

The move would reduce the par value of the stock to 5 Egyptian pounds ($0.93) per share from 10 pounds.

Torah Cement is a subsidiary of Suez Cement SUCE.CA, which is itself majority owned by Italy’s Italcementi and currently has 23.84 million shares with a market capitalisation of E£3.62bn.