Cairo – Mubasher: The ordinary general meeting (OGM) of Orascom Development Egypt has approved dividends distribution of EGP 1 per share to shareholders.

The Financial Regulatory Authority (FRA) has approved the splitting of the stock’s nominal value to EGP 1 from EGP 5, Orascom said in a filing to the Egyptian Exchange (EGX).

The board of Orascom development had previously proposed a cash dividend distribution of EGP 1 per share to shareholders.

In March, the extraordinary general meeting (EGM) had approved splitting the nominal value of Orascom Development’s stock to EGP 1 from EGP 5.