The Kuwaiti Egyptian Holding Company announced the results of the conversion of the trading currency of the company’s shares from the US dollar to the Egyptian pound, following the start of trading in the Egyptian pound currency during the opening session of the Egyptian stock exchange today, Sunday September. 19, 2021.
On June 15, 2021, the Kuwaiti Egyptian Holding Company announced the start of a 3-month period to give its shareholders the option to convert the trading currency on their shares from the US dollar to the Egyptian pound if they wish.
According to a note, the company aims, through this institutional measure, to stimulate trading of shares and to expand the shareholding base in the Egyptian Kuwaiti holding.
During the three-month period ending September 14, 2021, shareholders holding 461,277,858 shares worth $ 540 million have filed requests to convert the trading currency of their shares from the US dollar to the Egyptian pound.
The listing committee of the Egyptian Stock Exchange, held on September 16, approved the applications submitted by the holders of 461,278 million shares, representing 68.4% of the company’s shares listed on the Egyptian Stock Exchange, provided that negotiations on such shares begin in the Egyptian pound on 19 September 2021 and 213.341 million shares will continue to be traded at 31.6% on the Egyptian Stock Exchange in US dollars.
All shareholders of the Egyptian company Kuwait Holding, regardless of whether their shares are traded in Egyptian pounds or in US dollars, will receive dividends in cash, when announced, in US dollars.
Speaking at the press conference, the Chief Executive Officer of the Egyptian-Kuwaiti Holding, Engineer Sherif El-Zayat, said the company’s stock has risen 248% over the past five years, compared to 35.7% on the EGX index. 30, and that the stock has achieved, from the beginning of 2021 until the date of 19 September 2021, a return on investors of 27%.
The Egyptian-Kuwaiti holding has allocated over $ 300 million for its investments in 2021 through mid-2022.
Al-Zayat added: “At the beginning of questyear, we have allocated a budget for investments over a period of 18 months and I am happy to announce that $ 200 million of this amount has already been injected, which will support the company’s future growth. “
Read More About: Business News