ArabFinance: First Investment Company and Real Estate Development (FIRE) announced that its board of directors has approved splitting the nominal value of the company’s stock to EGP 0.10, instead of EGP 1, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, the number of the company’s shares will be 68.75 million, instead of 6.875 million, First Investment Company added.

This decision comes in accordance with Article 48 of the listing rules, with the aim of boosting the shares’ liquidity and attracting new segments to trade on the stock after cutting its price, the company highlighted.

Moreover, the company noted that the decision will be discussed by the extraordinary general meeting (EGM), pending the Financial Regulatory Authority’s (FRA) approval.

Once the FRA’s approval is obtained, the company’s chairman will be in charge of carrying out the process of the nominal value split.

Established in 2008, First Investment Company operates within the real estate sector focusing on diversified real estate activities.