Suez Cement to pay cash dividend
Cairo, April 6, 2010
Suez Cement, Egypt's largest listed cement maker, approved a cash dividend of EGP3.3 ($0.599) per share, the stock exchange said on Tuesday.
The firm, a unit of Italy's Italcementi, also approved a EGP3 cash dividend for its subsidiary Torah Cement.
Suez's dividends will be paid on April 29 and Torah will pay its dividends on April 22, the firm's statement to the stock exchange said.
Egyptian government stimulus spending on infrastructure and growing demand for housing fuelled a 25 per cent rise in cement demand in 2009, with total production topping 50 million tonnes.
Suez posted a 25 per cent rise in 2009 net profit last month, driven by higher sales in the booming sector.
Suez holds approximately 26 per cent of Egypt's grey cement market and 42 per cent of its white cement market.
Suez's shares were trading almost flat at EGP 45, while Torah's shares slipped 0.03 percent to trade at EGP 36.5 by 945 GMT. – Reuters