Orascom Development shareholders approve the list of dividends and purchase of treasury shares

Cairo – Mubasher: Orascom Development Egypt’s ordinary general assembly approved the financial statements and the profit and loss distribution account for the past year.

The company said in a statement to the Egyptian Stock Exchange, today, that the association approved the company’s purchase of treasury shares from the open market at a price of a security of a maximum of 11.3 million shares, representing 1% of the company’s total shares.

The Assembly approved the approval of the Board of Directors’ report on the company’s activities for 2019.

With regard to the decisions of the extraordinary general assembly, it approved the amendment of articles 4 and 40 of the company’s articles of association.

The company achieved profits during the year 2019 amounting to 705.55 million pounds, compared to profits amounting to 500.19 million pounds in 2018, taking into consideration minority rights.

The company’s revenues increased last year to 4.66 billion pounds, compared to revenues of 3.35 billion pounds in 2018.

On the independent business level during 2019, it achieved profits amounting to 634 million pounds, compared to profits amounting to 153.7 million pounds in 2018.

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