El Wadi International to sell treasury stocks
Updated 8/6/2020 12:41:00 PM
ArabFinance: El Wadi for International and Investment Development (ELWA) will sell 163,879 of its treasury stocks at the market price, according to the company’s August 6th statement filed to the Egyptian Exchange.
On March 19th, El Wadi's board of directors decided to purchase the stocks to support its price amid the coronavirus.
The Financial Regulatory Authority introduced, on March 1st, a new temporary rule that will allow EGX-listed companies to purchase not more than 10% of the company's treasury stocks.
The company's extraordinary general meeting approved a stock split from EGP 10 to EGP 1.
El Wadi, formerly El Wadi Company for Touristic Investment, is an Egypt-based company engaged in the tourism investment sector. The company focuses on the establishment and operation of hotels, motels, hotel apartments, gymnasiums, and sauna facilities.
