Cairo – Mubasher: The ordinary general meeting (OGM) of Elsewedy Electric Company agreed to disburse EGP 0.50 per share as a cash dividend for 2023.

The company will pay out a total amount of EGP 1.06 billion to the eligible equityholders of Elsewedy Electric, according to a bourse disclosure.

Meanwhile, the extraordinary general meeting (EGM) of the company approved, in 18 April 2024 meeting, to reduce the issued and paid-up capital by EGP 30 million by cancelling 30 million treasury shares at a par value of EGP 1 per share.

Therefore, Elsewedy Electric will shrink the capital to EGP 2.14 billion from EGP 2.17 billion, while the authorised capital will stand at EGP 5 billion.

The company achieved consolidated net profits worth EGP 10.11 billion in 2023, while its revenues totalled EGP 152.18 billion.