Cairo – Mubasher: The shareholders of the Industrial Engineering Company for Construction and Development (ICON) approved the board’s recommendation of not distributing dividends for fiscal year 2018 due to retained losses.

The ordinary general meeting (OGM), however, is considering a proposal by a shareholder to distribute bonus shares for FY18.

Furthermore, ICON’s shareholders approved to sell equipment and other assets valued at EGP 26.604 million, according to a bourse disclosure on Sunday.

During FY18, ICON posted a net profit of EGP 389.48 million, compared to EGP 81.18 million in FY17.