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Telecom Egypt's general assembly approves cash dividends

Telecom Egypt's general assembly approves cash dividends

ArabFinance: Telecom Egypt's (ETEL) ordinary general meeting (OGM) approved on March 23rd distributing cash dividends of EGP 0.25 per share for the year 2019. 

The OGM also ratified exclusion of the land, which has an area of 2865.61 sqm, from Telecom Egypt's assets. In exchange, there will be a reduction in the value of the general reserve.  

On the same day, The extraordinary general assembly approved amending articles no . 4, 21, 24, 25, 26, 3, 36, 58 & 69 of the company statue.

It is worth mentioning that the company posted consolidated net profits of EGP 4.4 billion, compared to net profits of EGP 3.3 billion in the same period a year ago, taking into account the minority rights.

Moreover, it posted standalone net profits of EGP 5.4 billion, compared to net profits of EGP 1.3 billion in the same period last year.

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