Cairo – Mubasher: Al Shams Housing and Urbanization’s ordinary general meeting (OGM) has approved the board’s proposal of distributing cash dividends worth EGP 0.50 per share to shareholders for fiscal year 2018.
The OGM has endorsed using EGP 60.5 million of the retained profits to boost issued capital through bonus shares distribution, the real estate firm added in a statement to the Egyptian Exchange (EGX) on Wednesday.
The general assembly also decided to form reserve from retained profits to support projects, according to the statement.
Moreover, the OGM has approved 2018 financial statements, as well as the board’s and the audit’s reports on FY18 business.
The Egypt-based company said that the OGM has agreed to elect the current board for another term.
It is worth noting that Al Shams Housing had reported a net profit of EGP 207 million in 2018, versus EGP 101 million in 2017.
