Property developer Talaat Moustafa Group Holding (TMG) cancelled EGP 1.8 billion loan to finance the construction works at the Rehab extension project.
Jihad Sawaftah, TMG Chief Financial Officer and Director of Investor Relations, said that the company doesn’t need the loan in the meantime.
TMG distributed EGP 300 million cash dividend, a sign that liquidity is secured for its current investments.
Dividend payout was divided into 2,063 billion shares, at EGP 0.14 per each.
The developer had posted a 7.3% profit growth in FY13 to EGP 585,2 million, compared with EGP 545,7 million a year earlier.
Jihad Sawaftah, TMG Chief Financial Officer and Director of Investor Relations, said that the company doesn’t need the loan in the meantime.
TMG distributed EGP 300 million cash dividend, a sign that liquidity is secured for its current investments.
Dividend payout was divided into 2,063 billion shares, at EGP 0.14 per each.
The developer had posted a 7.3% profit growth in FY13 to EGP 585,2 million, compared with EGP 545,7 million a year earlier.
Source:
Mubasher
