Mubasher TV
Contact Us Advertising   العربية

Suez Canal Technology forgoes FY15 dividends

Suez Canal Technology forgoes FY15 dividends
October 6 University, owned by the company

Cairo – Mubasher: The shareholders of Suez Canal Company for Technology Settling approved Tuesday freezing FY15 dividends and overturning its decision to change the company’s fiscal year.

In a bourse filing, the company said that the ordinary meeting decided to deactivate its FY15 dividend payout decision made on 9 March 2016 and to retain full distributable FY15 earnings except 5%.

The company attributed dividend freeze to unpaid cash flows from October 6 University, including the financing lease and investment returns. This hindered the company from complying with the general meeting's relevant decisions.

On 22 March 2016, the company delayed FY15 dividend payout at 10% of capital on two equal installments.

On 24 August 2015, the extraordinary meeting agreed to change the company’s fiscal year to start from the first of July until the end of June.

Earlier, the company said its net profit after tax for 2015 moved down to EGP120.62 million from EGP161.61 million in 2014.