Cairo – Mubasher: Elsewedy Electric Co’s ordinary general meeting (OGM) has approved a cash dividend distribution of EGP 0.80 per share to shareholders for fiscal year 2018.
The company will distribute EGP 1.7 billion dividends to shareholders after excluding 1.4 million reward shares, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The OGM also endorsed 2018 financial statements, in addition to the board’s and audit’s business reports.
As for the extraordinary general meeting (EGM), it decided to amend articles 21 and 46 of the company’s articles of association.
In February, Elsewedy Electric posted EGP 5.11 billion in profits for FY18, compared to EGP 6.48 billion in 2017, including minority shareholders’ rights.
