Cairo – Mubasher: Heliopolis Company for Housing and Development said its ordinary general meeting gave a nod to reducing the dividends distribution for the fiscal year 2015/16 to EGP 2.7 per share instead of EGP 3 per share.

The value of the proposed dividends distribution accounts for 5.98% of the stocks market value at 30 June 2016 that stood at EGP 45.14/shr and 270% of the stocks par value at 1 EGP/shr.

The firm noted that it would distributed the proposed dividends over two equal installments. The first installment will be distributed one – month following securing the company’s general meeting approval.

The second installment will be distributed in March 2017.

On other hand, Heliopolis Housing said its extraordinary general meeting approved reducing the stock par value from EGP 1/shr to EGP 0.25/shr.

Heliopolis Housing reported net profits of EGP 400.6 million for the fiscal year 2015/16, up from EGP 204.7 million a year earlier.