The Stock Exchange announced the price limits for the right to subscribe for “Port Said Agricultural Development and Contracting” during today’s trading session.
The price limits for the rise and fall of the right are as follows:
The highest allowed price for the right at the end of the day is 1.781 Egyptian pounds, with an increase of 27.85%.
The lowest allowed price for the right at the end of the day is 1.005 Egyptian pounds, with a decrease of 27.85%.
The pause limit for the right drop is 13.93%.
The right ascension pause limit is 13.93%.
The Egyptian Stock Exchange’s listing committee approved listing 16 million subscription rights in the capital increase of Port Said Agricultural Development and Contracting Company from 4 million pounds to 20 million pounds, an increase of 16 million pounds.
The stock exchange said in a statement today, that the increase is distributed over 16 million shares to be subscribed at a nominal value of 1 EGP per share without issuance expenses, and with the right to trade in the shares of the increase separately from the original share.
The Stock Exchange added, that this is in light of the company’s fulfillment of the legal documents necessary for registration, in particular the invitation of the old shareholders to subscribe to the shares of the increase approved by the Financial Supervisory Authority issued on September 7, 2021, as well as the issuance of the approval of the Misr Clearing, Depository and Central Registry Company to register subscription rights in the deposit system. Central on September 20, 2021.
She explained that a summary of the fair value study for the stock was published on the stock exchange’s advertisement screens on August 15, 2021, in implementation of the provisions contained in Clause No. 5 of Article 48 of the listing rules.
The Stock Exchange indicated that the right to subscribe within the limit of 400% of the shares owned by each of the old shareholders in the company’s capital before the increase is for the buyer of the share until the end of the trading session on Sunday, September 26, 2021, and that it will be traded during the period from Wednesday Corresponding to September 29, 2021 (subscription opening date) ends on Tuesday, October 26, 2021.
She stated, that the subscription rights in the company’s shares resulting from the cash increase of 16 million rights will be included in the database as of the beginning of the trading session on Monday, September 27, 2021, with the aim of not negatively affecting the market capital, or as soon as it is realized that the market price of the share is greater than Subscription price, taking into account stopping dealing with it.
It noted that the aforementioned subscription rights are available for trading as of the beginning of the trading session on Wednesday, September 29, 2021, or as soon as it is realized that the market price of the share is greater than the subscription price, provided that trading on the subscription rights is stopped at the end of the trading session on Tuesday, October 26, 2021. Rights are deleted from the stock exchange database except on the day the cash increase shares are listed in order not to negatively affect the market capital.
The Stock Exchange confirmed that the company will be notified of the listing committee’s decision, with an emphasis on the commitment to register the capital increase shares within three months from the date of closing the subscription door in accordance with the text of Article (26) of the listing rules; Article No. 26 of the executive procedures.
The article The Stock Exchange announces the price limits for the right to subscribe for “Port Said Development” today. It was written in the Borsa newspaper.