Cairo – Mubasher: The ordinary general meeting (OGM) of Misr Hotels approved to increase the cash dividend distribution for shareholders for fiscal year 2018/2019 to EGP 5 per share instead of the previously proposed dividend of EGP 4.

The first tranche of the distribution is valued at EGP 8.91 million, while the second tranche amounts to EGP 57.09 million, totalling EGP 66 million distributed on 13.2 million shares, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.  

The OGM also approved to split the share’s nominal value to EGP 5 instead of EGP 15, the company added. 

It is worthy to highlight that during FY18/19, Misr Hotels’ profits surged to EGP 176.39 million from EGP 149.7 million in FY17/18.