Oriental Weavers To Distribute Dividends of EGP 1.50/Share

Oriental Weavers (OW) (ORWE) decided to distribute cash dividends no. (21) of EGP 1.50 per share payable on 17/05/2012.

Shareholders as of Monday’s closing session of 07/05/2012 are entitled to cash dividends distribution.

This comes after the OW‘s ordinary general assembly approved mid April a proposal for distributing to shareholders cash dividends of the gains posted during the fiscal year ended on December 31st, 2011. The assembly agreed on raising the dividend value  to be from EGP 0.75 to EGP 1.50.

OW’s consolidated business results for the fiscal year of 2011 revealed that the company realized net profits of EGP 260.718 million, down 28%, noting that it had posted a year earlier net profits of EGP 361.942 million.

Additionally, OW’s unconsolidated business results for the same comparable period revealed that the company posted net profits of EGP 167.367 million, compared to EGP 231.487 million in 2010.

OW’s issued and paid-up capitals value at EGP 450 million distributed to 90 million securities whereby the par value amounts to EGP 2 a share.

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