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EGX limits down of Faisal Bank share price 16.3%, 17.5% for USD, EGP issuances

EGX limits down of Faisal Bank share price 16.3%, 17.5% for USD, EGP issuances

ArabFinance: Egyptian Stock Exchange (EGX) decided to limit down the share price of Faisal Islamic Bank of Egypt (FAIT) (FAITA), as the cash dividends value is higher than the temporary halting value.

As for the issuance by US dollar, the price will be limited down 16.30%, while the temporary halt limit down will be about 11.65% of the closing price until the end of April 14 session.

As for the issuance by the Egyptian pound, the price will be limited down 17.54%, while the temporary halt limit down will be about 12.96% of the closing price until the end of April 14 session.

EGX's price movement will start from the first trading session of the stock without the right issue until the end of the session that records a new closing price.

The bank declared a cash dividend of $0.08 per dollar stock and EGP 1.433 per Egyptian pound stock payable on April 17, 2019.

Under EGX's chairman resolution, No. 301 of 2017, regarding the cash dividends' impact on the market price of the stock, the interim halt limit and price limits will be calculated on the theoretical price, which is the last closing price minus the distribution value.  Price limits and temporary halt limit up rate will be kept unchanged, as the distribution value is greater than the applied price limit.

 

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