Cairo – Mubasher: Arab Real Estate Investment Company’s (ALICO) ordinary general meeting (OGM) has rejected the board’s proposal of distributing bonus shares of 1-for-5 basis to shareholders for fiscal year 2018.

The OGM decided to retain 2018 profits, as well as renewing the board’s term for three years to end on 16 June 2021, ALICO said in a statement to the Egyptian Exchange (EGX).

Moreover, the OGM has also approved the board’s and audit’s reports for business in 2018, as well as endorsed the company’s financial statements for fiscal year ended 31 December 2018.

ALICO previously reported a net profit of EGP 6.8 million for the full-year ended 31 December 2018, down from EGP 10.5 million a year earlier.