Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced that its ordinary general meeting (OGM) approved a proposal to distribute a cash dividend of EGP 0.45 per share for 2020. 

Dividends will be paid in instalments over the course of 2021, the company said in a bourse disclosure on Thursday.

In addition, the shareholders also approved distributing 0.04 bonus share for every share held, totalling 57.6 million bonus shares valued at EGP 1 apiece.

During 2020, the urban developer achieved net profits of EGP 1 billion, slightly up from EGP 980.89 million in 2019, including minority shareholders’ rights.