ArabFinance: Egyptian Stock Exchange (EGX) decided to limit down the share price of Utopia for Real Estate and Tourism Investment (UTOP) 13.91%.
EGX's price movement will start from the first trading session of the stock without the right issue until the end of the session that records a new closing price.
The Company declared a cash dividend of EGP 0.50 per share payable on April 18. Shareholders are entitled to cash dividends distribution until the end of April 15 session.
Under EGX's chairman resolution, No. 301 of 2017, regarding the cash dividends' impact on the market price of the stock, the interim halt limit and price limits will be calculated on the theoretical price, which is the last closing price minus the distribution value. Price limits and temporary halt limit up rate will be kept unchanged, as the distribution value is greater than the applied price limit.