Cairo – Mubasher: Telecom Egypt’s (TE) board of directors on Wednesday announced it will amend the dividend distribution proposal for 2017 to EGP 0.25 per share, instead of a per-share dividend of EGP 1.
The board has proposed the payment of EGP 426.76 million to shareholders, instead of EGP 1.7 billion, the company highlighted in a filing to the Egyptian Exchange (EGX).
The board also recommended retaining EGP 1.8 billion for 2018, according to the adjusted distributed statements.
This came on the sidelines of the direction of the state's landline monopoly towards pumping new investments into undersea cables, on which Telecom Egypt will secure future revenues and short-term earnings.
The ordinary general meeting (OGM) is scheduled to be held on Thursday, 29 March 2018 to discuss the adjusted dividends proposal for 2017.
