Egypt’s South Valley Cement to give free shares

Egypt’s South Valley Cement to give free shares
Published: 06 May 2008

Shareholders of Egypt’s South Valley Cement approved a two-for-five stock dividend, the firm said in a statement to the stock exchange on Sunday.

The statement did not give a date for the issue.

The firm also said it will increase its issued capital to E£2.07bn (US$386.2m) from E£1.48bn, which would be financed from the company’s profits and its reserves.

South Valley Cement made a net profit of E582.2m in 2007, more than twice what it made in 2006.

Egyptian cement companies have benefited from recent high prices and strong demand from abroad. The government imposed a temporary ban on cement exports from March to October to hold down prices on the domestic market.