Egypt’s Heliopolis Company for Housing and Development has decided to reconsider the cash dividend distribution for financial year 2017/2018 to propose 51 piasters per share.
Heliopolis Housing recommended distributing dividends worth 225.6 million Egyptian pounds ($12.6 million) to shareholders for the financial year 2017/2018 from 296.6 million pounds in dividends for the financial year 2016/2017, the firm said in a bourse filling on Sunday.
The new cash dividend proposal will be submitted to the extraordinary general meeting (EGM), the Egyptian real estate firm indicated.
Last week, Heliopolis Housing recommended not to distribute dividends of 225.6 million pounds for the financial year 2017/2018 to shareholders.
Heliopolis Housing previously posted 265.3 million pounds in net profit for the financial year 2017/2018, versus 348.8 million pounds a year earlier.