Egypt’s South Valley recommends stock dividend

The board of Egypt’s South Valley Cement has recommended the company issue a stock dividend of one free share for every three held, the company said in a statement released on Sunday. The company increased net profit by 168 per cent in the first half of 2007, to 217.8 million Egyptian pounds ($38.5 million). The new stock would have a nominal value of about 370 million

pounds, according to Reuters data.