Cairo – Mubasher: Egyptian Company for International Tourism Projects’ (Americana) board of directors has proposed a cash dividend distribution of EGP 24.9 million, or 6 piasters per share, for 2017 profits, according to Mubasher statistics.

The board recommended distributing the cash dividends over two tranches of EGP 20 million and EGP 4.9 million, respectively, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.

The member of Americana Group (Kuwait) added that it has retained EGP 21,600 of the profits for the next year.

Given that the company last posted an 88% year-on-year plunge in profits for full-year 2017, recording a net profit of EGP 5 million last year, versus EGP 41.5 million a year earlier.

Americana’s capital amounts to EGP 400 million distributed over 400 million shares at a par value of EGP 1 per share.