Cairo – Mubasher: Orascom Development Egypt announced that the company’s shareholders had approved not to distribute cash dividends for 2018 during an ordinary general meeting (OGM).
The Egyptian firm’s OGM also authorised the board of directors to sign contracts worth EGP 900 million with Red Sea Construction and Development, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
For the full-year 2018, Orascom Development’s profits rose to EGP 500.19 million, compared to EGP 391.9 million in 2017, including minority shareholders’ rights.
