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.
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