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Heliopolis Housing’s shareholders approve cash dividends, bonus issue

Heliopolis Housing’s shareholders approve cash dividends, bonus issue
The company’s authorised capital will be increased to EGP 1.5 billion
Heliopolis Housing
HELI
-0.20% 9.78 -0.02

Cairo – Mubasher: Heliopolis Company for Housing and Development announced that its ordinary general meeting (OGM) approved a cash dividend distribution of EGP 44.5 million.

The first dividend distribution amounts to EGP 5 million, while the second stands at EGP 39.496 million, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Shareholders will receive EGP 0.10 per share, including EGP 0.05 in March 2020 and the date of the other dividend distribution of EGP 0.05 per share will be determined by the board of directors no later than June 2020.

In addition, the company’s extraordinary general meeting (EGM) gave the greenlight to a capital raise to be financed from retained earnings based on financials for fiscal year 2018/2019, through a two-for-one bonus issue.

The company’s authorised capital will be increased to EGP 1.5 billion from EGP 200 million, while the issued capital will raised to EGP 333.77 million from EGP 111.257 million.

It is noteworthy that during the first quarter of FY19/20, the real estate developer’s net profits rose to EGP 29.39 million from EGP 8.7 million in the year-ago period.