Cairo – Mubasher: Heliopolis Company for Housing and Development has decided to reconsider the cash dividend distribution for fiscal year 2017/2018 to propose 51 piasters per share.

The company recommended distributing dividends worth EGP 225.6 million to shareholders for the previous fiscal year, versus EGP 296.6 million in dividends for FY16/17, Heliopolis Company said in a filing to the Egyptian Exchange (EGX) on Sunday.

The new cash dividend proposal will be submitted to the extraordinary general meeting (EGM), the Egyptian real estate firm indicated.

Last week, Heliopolis Housing recommended not to distribute dividends worth EGP 225.6 million for FY17/18 to shareholders.

Heliopolis Housing previously posted an EGP 265.3 million in net profit for FY17/18, versus EGP 348.8 million a year earlier.