ODE board proposes share split to widen shareholder base

Orascom Development Egypt’s (ODE) board of directors proposed implementing a share split yesterday that would change the par value of the company’s share to EGP 1 from EGP 5, the company said in a filing to the EGX (pdf). The move aims to widen ODE’s shareholder base by increasing the number of traded shares and diluting their value to attract more bidders.