Cairo – Mubasher: The ordinary general meeting (OGM) of Ibnsina Pharma has approved the board’s proposal of not to distribute cash dividends for 2017.
The OGM endorsed 2017 financial statement and the board’s report on the company’s activities for the same year, the pharmaceutical firm added in a filing to the Egyptian Exchange (EGX) on Tuesday.
The OGM also agreed on restructuring the board of directors to be headed by Mohamed Mohsen Mohamed Mahgoub and the managing directors Mahmoud Mohamed Abdel Gawad and Omar Mohamed Abdel Gawad.
In March, the Egypt-based pharmaceutical distributor had proposed not to distribute cash dividends to shareholders for 2017.
The board had also recommended a distribution of EGP 8.6 million to employees, in addition to retaining EGP 8.51 million from net profits as a legal reserve.
