Cairo – Mubasher: The ordinary general meeting (OGM) of Eastern Co. approved the proposed cash dividend distribution for fiscal year 2019/2020.

The shareholders agreed to distribute EGP 1.4 per share as cash dividends, including EGP 0.70 on 15 November 2020 and EGP 0.70 on 15 November 2021, the company said in a bourse disclosure on Monday.

The OGM also approved EGP 350 million for employee profit sharing to be disbursed on 15 November and EGP 10 million as a board remuneration.

In addition, the company’s shareholders approved the waiver of a land plot in Arish City to a sovereign entity due to security reasons.

During FY19/20, Eastern Co logged net profits of EGP 3.794 billion, slightly up from EGP 3.733 billion a year earlier.