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Oriental Weavers' OGM raises proposed dividends for 2017

Oriental Weavers' OGM raises proposed dividends for 2017
The OGM has also approved to distribute cash dividends of EGP 665.1m for 2017
Oriental Weavers
ORWE
-1.65% 19.03 -0.32

Cairo –Mubasher: Oriental Weavers Carpet’s ordinary general meeting (OGM) has increased the proposed dividends to EGP 1.5 per share, instead of EGP 1.4.

The OGM has also approved to distribute cash dividends of EGP 665.1 million for 2017 to shareholders and to retain around EGP 129.1 million for 2019, the household durables firm said in a filing to the Egyptian Exchange on Thursday.

Oriental Weavers’ capital amounts to EGP 450 million distributed over 450 shares at a par value of EGP 1 per share.

The EGX-listed company had previously posted a net profit of EGP 741.7 million in 2017, compared to EGP 528 million in profits in 2016, including minority shareholders’ rights.