Egypt’s South Valley Cement to launch rights issue

Egypt’s South Valley Cement to launch rights issue
Published: 13 November 2007

Egypt’s South Valley Cement announced a one-for-two rights issue which will increase the company’s capital 50 per cent to E£2.22bn (US$403.3m), the company said.  
 
Existing shareholders will be able to subscribe to the new shares at the nominal value of £E5 a share, with no issuing fee or premium, it said in a statement. It did not give the date on which shareholders must hold shares in order to qualify.  
 
Around two weeks ago South Valley Cement reported a 323 per cent rise in net profit to
£E300m in the nine months ended Sept. 30.  
 
South Valley shares were steady on Monday at about
£E16.86.