FRA rejects nominal value split for First Investment

Updated 10/4/2021 6:34:10 PM

ArabFinance: The Financial Regulatory Authority (FRA) has rejected the splitting of nominal value for First Investment Company and Real Estate Development’s (FIRE) stock, according to a statement filed to the Egyptian Exchange (EGX).

Last week, First Investment announced that its board of directors approved splitting the nominal value of the company’s stock to EGP 0.10, instead of EGP 1.

Accordingly, the number of the company’s shares shall be 68.75 million, instead of 6.875 million.

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