Arab Cotton Ginning (ACGC), an Egyptian textiles manufacturer, slumped the most in more than a month after cutting its dividend to about one-fifth of last year’s payout.
The shares of the Cairo-based company tumbled 6.7 percent, the biggest intraday decline since Aug. 9, to 3.75 Egyptian pounds at 11:40 a.m. in Cairo. That gave the company a market value of 1.02 billion pounds ($171 million). Egypt’s benchmark EGX 30 Index (EGX30) retreated 0.8 percent.
Arab Cotton’s board of directors approved paying a 20- piaster-per-share dividend, it said today. That compares with a 95 piaster dividend last year, according to data compiled by Bloomberg.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org