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Egypt's South Valley to pay stock dividend

Sun Aug 3, 2008 4:18am EDT

Stocks

   

CAIRO, Aug 3 (Reuters) - Egypt's South Valley Cement (SVCE.CA) will pay a stock dividend of 0.39 shares for each share on Aug. 18, the exchange said in a statement on Sunday.

Those who owned shares on July 30 are eligible for the dividend, it added.

The stock dividend has a nominal value of 1.95 pounds a share and will increase the company's issued capital to 2.06 billion pounds, from 1.48 billion, according to Reuters data.

The company made a net profit of 582.2 million Egyptian pounds ($107 million) in 2007, more than twice what it made in 2006, the stock exchange said in April.

South Valley shares were up 0.1 percent at 27.65 pounds at 11.10 a.m (0810 GMT) on Sunday. ($1 = 5.309 Egyptian pounds) (Writing by Jonathan Wright; Editing by Louise Heavens)



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