EFG plans dividend after QInvest tie-up
Cairo, June 3, 2012
Egypt's EFG Hermes said on Sunday it would distribute a dividend of 4 Egyptian pounds ($0.66) per share after it completes a joint venture it is forming with Qatar's QInvest.
It confirmed in a statement that shareholders had approved the venture, in which EFG would have a 40 percent stake and QInvest 60 percent.
"As a result of the transaction, the proceeds will be utilised to distribute a dividend of EGP 4 per share, representing a dividend yield per share of 36 percent, in the form of actual annual profits, capital gains, retained earnings and capital reduction," the statement said. - Reuters