Cairo – Mubasher: The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) approved distributing cash dividends in instalments for the year ended 31 December 2020.

A cash dividend of EGP 648 million or EGP 0.45 per share will be distributed in two instalments; the first distribution of EGP 0.15 will be paid within a month from the date of the OGM date and the second distribution of EGP 0.30 will be paid at the end of October 2021, the company said in a bourse disclosure on Wednesday.

In addition, the company will also distribute EGP 57.6 million worth of bonus shares at a rate of 0.04 bonus share for every share held.

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