Oriental Weavers Plans Stock Split to Spur Liquidity

Egypt’s leading carpet manufacturer Oriental Weavers (ORWE.CA) is currently studying conducting a stock split which would split each stock into 5 stocks after shareholders from local and foreign institutions  advised the company to do so in order to increase liquidity and trading volume.

The company added in its statement to the Egyptian Exchange (EGX) that this issue will be discussed in the next Board of directors’ meeting which is due to be held on Monday, March 17, 2014.

Egypt revised regulation earlier this year to boost trading and attract more investment. A listed company no longer needs permission from the Egyptian Financial Supervisory Authority to split shares if it complies with pre-set rules.