By Mahmoud Salah El-Deen

Cairo – Mubasher: Arab Pharmaceuticals has decided to suspend the working activity at the premises for two days (28-29 September) due to a staff strike, according to a bourse filing.

"The employees are on strike so as to raise their dividend payout for the fiscal year 2015/16, namely after the company posted a surge in the annual profit", said Mohsen Nadi, Investment Relation Manager.

Negotiations with the labor union are underway to resolve this issue, Nadi added, indicating that FY15/16 dividend payout is as equal as FY14/15 distribution.

The annual profits jumped 147% year-over-year to EGP 14.45 million from EGP 5.85 million,

By 11:25am Cairo time on Wednesday, the stock quote was placed at EGP 7.42 with a 3.8% slide.