NUDAP's board ratifies 1:10 stock split
Updated 1/23/2020 11:05:30 AM
ArabFinance: Northern Upper Egypt Development & Agricultural Production (NUDAP) (NEDA) announced, in a statement sent to EGX, the Board of Directors (BoD) held on Jan. 22.
The board approved splitting the par value of the share from EGP 10/share to EGP1/share, accordingly, the number of stock will be 63,499,550 amounting to EGP 63,499,550. It will also review the articles no. 4, 5, 22 and 46 of the company statute.
The company posted consolidated net profits of EGP 4,685,483 ending Sept. 30, 2019, against incurring net losses of EGP 2,679,012 in the same period a year ago, taking into account the minority rights.
It is worth mentioning that the board called for Extraordinary General Assembly (EGM) to hold a meeting on Feb. 17, 2020, to discuss the stock split.
