EGX sets NileSat's stock limit down

Updated 4/26/2021 12:07:00 PM

ArabFinance: The Egyptian Exchange (EGX) has set the limit down of The Egyptian Satellites (NileSat) at 19.020%, according to the EGX’s April 25th disclosure.

The circuit breaker of the company’s stock is also set at a limit down level of 14.521%, the EGX disclosure added.

The stocks’ price movement limits will be effective as of the closing session of the ex-dividend date on April 25th.

The EGX’s decision came after the company’s announcement of distributing cash dividends of $0.45 per share on April 28th.

NileSat posted a net profit of  $34.15 million (EGP 535.53 million) in 2020, compared to $42.53 million (EGP 666.95) million in 2019.

NileSat is an Egypt-based public shareholding company that offers services related to satellite radio and television broadcasting, in addition to the broadband internet. The company has a booking center that provides a range of services including satellite newsgathering as well as feed and turnaround services, in addition to a training center.

At press time, the conversion rate is $1 = EGP 15.68