ArabFinance: Egyptian Stock Exchange (EGX) decided to move the share price of Saudi Egyptian Investment & Finance (SEIG) (SEIGA) downward about 20.71%, while the suspending limit will be about 16.30% of the closing price ending an April-18 session.
This will be from the first session that the stock is being traded without the right issue until the next session that records a new closing price.
The Company declared a cash dividend of LE2 per share payable on April 23, 2018, moreover, the shareholders as on April 18, 2018, are entitled to cash dividends distribution.
Under EGX's chairman resolution, No. 301 of 2017, regarding the cash dividends' impact on the market price of the stock, stipulating the suspending limit and the limits of price downwards will be calculated on the theoretical price - the last closing price minus the distribution value - as the price limits and suspending limit upwards will be unchanged, due to the distribution value is greater than the applied price limit.