By Ahmed Allam
Cairo-Mubasher: Paint and Chemicals Industries (Pachin) said its ordinary general meeting gave the green light for doubling the proposed cash dividends from EGP 0.5 to EGP 1 a share.
During Saturday’s meeting, shareholders also endorsed the board and auditor’s reports for the fiscal year ended 30 June 2015.
The company posted net earnings of EGP 37.98 million for the last fiscal year, dropping 46.8% compared with EGP 71.39 million a year earlier.
Moreover, shareholders discharged board members from liability for FY14/15 and appointed an auditor for the next fiscal year.
Board members were also authorised to conclude compensation contracts.
Translated by Abdul Maguid Aboshahla
