Monday, June 4, 2012

EFG plans LE 4 dividend after QInvest tie-up

CAIRO - Egypt's EFG Hermes (HRHO) said on Sunday it would distribute a dividend of 4 Egyptian pounds ($0.66) per share after it completes a joint venture it is forming with Qatar's QInvest.
It confirmed in a statement that shareholders had approved the venture, in which EFG would have a 40 percent stake and QInvest 60 percent.

"As a result of the transaction, the proceeds will be utilized to distribute a dividend of EGP 4 per share, representing a dividend yield per share of 36 percent, in the form of actual annual profits, capital gains, retained earnings and capital reduction," the statement said.
Source: Reuters

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