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Bitumode to distribute EGP 45.85M to shareholders

Bitumode to distribute EGP 45.85M to shareholders

ArabFinance: Modern Company for Water Proofing’s (Bitumode) - (WATP) board approved distributing the investment value of EGP 45.85 million to the shareholders, as per a Monday bourse filing.

The distribution value is the company’s investment in Modern Polymers Company.

Moreover, Bitumode’s board also mandated the financial advisor’s report, setting the fair value of Modern Polymers Company at EGP 0.38 per share.

The firm stated that the total fair value of the shares ranges between EGP 53.5 million and EGP 45.4 million.

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