Cairo - Mubasher: The board of directors of Misr Chemical Industries gave a nod to break the company's term deposits to meet financial obligations.
The decesion came due to the company's need to pay an amount of EGP 15.6 million, the value of the first installment for coupon No. 54, thus due to the Chemical Industries Holding Co. and other shareholders.
Earlier, Misr Chemical Industries said shareholders of record until 23 October would be entitled to its cash dividend payout of EGP 0.45 per share.
The company was supposed to start the dividends' distribution as of 25 October.
Misr Chemical Industries Co. posted a decline of 11.5% to EGP 8.5 million in net profits for the first quarter of the fiscal year 2015/16, compared with EGP 9.6 million for the same period a year earlier.
