Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) decided to halt trading on the shares of Egyptians for Housing and Development Co. until the company assigns a financial advisor to conduct a fair value (FV) assessment study.

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The FV assessment study has to be submitted no later than 28 April, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

The FRA has the right to ask for a FV estimation when a listed company’s stock value rises or falls by more than 50% in a period not exceeding three months or by more than 75% in a period not exceeding six months without any significant news that justify this change.

Last week, the shareholders of Egyptians for Housing and Development Co. approved a bonus issue worth EGP 24 million.

Accordingly, the company’s issued capital will be raised to EGP 264 million from EGP 240 million, according to a bourse disclosure on Tuesday.

The capital will be distributed over 1.05 billion shares at a value of EGP 0.25 apiece.

During the first nine months of 2020, the company achieved net profits of EGP 11.32 million, down from EGP 28.74 million in the corresponding period a year earlier, including minority shareholders’ rights.