The ordinary general meeting of Arabia Investments, Development, Financial Investment Holding Co. gave a nod to the board’s proposal for distributing bonus shares at 1-for-5, which will be financed from retained and full-year earnings as on financial statements for the fiscal year that ended on December 31, 2013, after completing capital decrease through cancelling treasury shares.
The company had posted EGP 62.4 million net profit in FY13, an increase by 21% compared with EGP 51.4 million a year earlier.
Meanwhile, the company postponed its extraordinary general meeting due to lack of quorum.