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EGX decides to move Ezz Aldekhela Steel's share price downwards 14.82%

EGX decides to move Ezz Aldekhela Steel's share price downwards 14.82%

ArabFinance: Egyptian Stock Exchange (EGX) decided to move the share price of EL Ezz Aldekhela Steel - Alexandria (IRAX) downward about 14.82%, while the suspending limit will be about 10.09% of the closing price ending a May-07 session, due to the cash dividends value is higher than the suspending limits. 

EGX's price movement will be from the first session that the stock is being traded without the right issue until the next session that records a new closing price.

The Company declared a cash dividend of LE60 per share payable on May 10, 2018, moreover, the shareholders as on May 07, 2018, are entitled to cash dividends distribution.

Under EGX's chairman resolution, No. 301 of 2017, regarding the cash dividends' impact on the market price of the stock, stipulating the suspending limit and the limits of price downwards will be calculated on the theoretical price - the last closing price minus the distribution value - as the price limits and suspending limit upwards will be unchanged, due to the distribution value is greater than the applied price limit.

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