The ordinary general meeting (OGM) of Misr Chemical Industries approved to distribute cash dividends and bonus shares to shareholders for fiscal year 2018/2019.
The OGM agreed to distribute dividends of EGP 32.5 million or EGP 0.50 per share, in addition to 0.125 bonus share to be financed from the legal reserve, the company disclosed to the Egyptian Exchange (EGX) on Tuesday.
Earlier, the firm’s board suggested to distribute EGP 65 million for FY18/19 or EGP 1 per share, compared to EGP 71.5 million in FY17/18.
In addition, the OGM authorised its head to restructure the board. The current board will continue performing its work until a new one is announced.
During FY18/19, Misr Chemical Industries’ profits slumped to EGP 77 million from EGP 139.3 million during FY17/18.