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[July 2008]
July 100% Bonus Issue for Lecico Egypt
Lecico Egypt (Alexandria, Egypt) has been informed that the 100% bonus issue – approved by shareholders on 1 April 2008 – will be distributed to shareholders on 10 July 2008. The bonus shares will be distributed to the shareholders of record as of 9 July.
Following this bonus issue, the total number of the company’s outstanding shares will increase from 20 million shares currently to 40 million shares.
Commenting on this announcement, Gilbert Gargour, Lecico Egypt’s Chairman and CEO, said: “The bonus issue is being done in an effort to improve our liquidity and make our share more appealing to retail investors. I have been pleased with the impact the announcement has had in this regard, and I hope this improved liquidity and wider shareholder base will continue following the bonus share distribution”.
Lecico is a leading producer of export quality sanitaryware in the Middle East and is one of the largest tile producers in Egypt and Lebanon, with over 45 years of experience in the industry and decades of experience as an exporter to developed markets. Lecico benefits from significant cost advantages in labour, energy and investment costs resulting from its economies of scale and location in Egypt and Lebanon.
Lecico’s marketing strategy is to use its cost advantages to target the mass market with high quality pieces at competitive prices. Lecico exports over half its sanitaryware production and has a significant presence in the UK and other European markets. Most of the company’s exports are carried out under the Lecico brand, although it also produces for other European brands. Lecico has a strategic relationship with Sanitec, leading producer of sanitaryware in Europe, and benefits from this relationship through information sharing, extensive knowledge transfer programmes and significant outsourcing contracts for Sanitec’s brands.
www.lecicoegypt.com
ENDS