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EGX limits down Misr Cement share price 14.95%

EGX limits down Misr Cement share price 14.95%

ArabFinance: Egyptian Stock Exchange (EGX) decided to limit down the share price of Misr Cement (Qena) (MCQE) 14.95%, while the temporary halt limit down will be about 10.23% of the closing price until the end of June 24 session, as the cash dividends value is higher than the temporary halting value.

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 Company declared a cash dividend of EGP 0.50 per share payable over two installments: June 27 and October 31, 2019. Shareholders are entitled to cash dividends distribution until the end of June 24 session.

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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