Cairo – Mubasher: United Company for Housing and Development’s ordinary general meeting (OGM) approved distributing bonus shares to its shareholders.
The OGM approved to distribute 0.25 bonus share for every one share held, according to a statement to the Egyptian Exchange (EGX) on Monday.
The bonus issue will be financed using retained earnings, profits, and public reserves based on financial results for fiscal year ended 30 June 2018.
Additionally, United Company’s extraordinary general meeting (EGM) approved raising the company’s issued and paid-up capital by EGP 70.8 million to EGP 354 million from EGP 283.2 million, distributed over 56.64 million shares, at a nominal value of EGP 1.25 apiece.
For the full-year 2018, the EGX-listed firm reported EGP 104.86 million in profits, compared to EGP 94.97 million in the prior year, including minority shareholders’ rights.
Sales rose to EGP 165.1 million last year from EGP 141.8 million in 2017.
As for standalone business, the company’s profits amounted to EGP 104.2 million in 2018, compared to EGP 95 million in the previous year.
