Cairo – Mubasher: Sixth of October for Development and Investment’s (SODIC) ordinary general meeting (OGM) has approved a cash dividend distribution of EGP 0.50 per share for fiscal year 2018.
The OGM has endorsed the payment of EGP 174.5 million dividends to shareholders for FY18, SODIC said in a statement.
Moreover, the OGM has approved the company’s 2018 financial statements, as well as the board’s and audit’s reports.
Meanwhile, the extraordinary general meeting (EGM) has discussed the EGP 800 million settlement agreement signed last December with the Illicit Gains Authority (IGA) for the company’s land plot in Sheikh Zayed.
The general assembly has also agreed to apply the cumulative voting system and amend articles 46 and 21 of the company’s articles of associations.
In March, SODIC reported a 24.7% year-on-year decline in consolidated for FY18, recording EGP 450.9 million, versus EGP 598.6 million.
