Cairo – Mubasher: The ordinary general meeting (OGM) of Orascom Construction Ltd has approved closing accumulated losses of $281.3 million to distribute cash dividends of $30 million to shareholders.
The loss impairment will be implemented through withdrawals from the share premium account on 1 January 2017, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The EGX has decided to resume trading on Orascom construction’s stock as of 10:45 am of Wednesday’s trading session following the announcement of the OGM.
The company’s board has recommended the distribution of $30 million in dividends for 2017.
Orascom Construction’s capital amounts to EGP 116.7 million distributed over 116.7 million shares at a par value of EGP 1 per share.
