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Porto Group OGM nods to bonus shares, capital increase

Porto Group OGM nods to bonus shares, capital increase
Porto Group Holding will distribute EGP 100.3 million of 2016 retaining profits and a part of 2017 profits
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Cairo – Mubasher: Porto Group Holding on Tuesday said that its ordinary general meeting (OGM) had approved the distribution of the proposed bonus shares at 1-for-5 basis ratio.

The real estate investment company will distribute EGP 100.3 million of 2016 retaining profits and a part of 2017 profits, Porto Group said in a filing to the Egyptian Exchange (EGX).

The OGM also nodded to raise the company’s capital by EGP 100.3 million and assigned the board to perform the required regulations to endorse the capital increase decision from the qualified entities and set the dividends’ eligibility date.

The OGM has also approved the company’s financial results for the year ended December 2017.

In the same vein, the OGM agreed on paying EGP 7 million in donations this year.

The company noted that the board has approved buying the whole shares of Total FM, owned by Amer Group, during the OGM held on 11 March 2018, according to the filing.

This approval came in accordance with the fair value (FV) that an independent financial advisor had set, as well as assigned the board to maintain the signed contracts between Total and Amer Group.

The OGM of Amer Group’s arm Porto Pyramids for Real Estate Development has approved two real estate development contracts with Delmar Real Estate Development and Tropi 2 for Tourism Development, on which the latest firms obtain 25% of the project's revenues in return.

The OGM also approved a two real estate contracts between Delmar’s unit for touristic development and Tropi, on which both firms get 25% of the projects’ revenues.

Porto Group’s capital currently amounts to EGP 501.5 million distributed over 5.01 billion shares at a par value of EGP 0.10 per share.