Pyramisa Hotels’ board nods to dividends for 2021
Updated 2/20/2022 1:55:00 PM
ArabFinance: Pyramisa Hotels and Resorts’ (PHTV) board of directors approved the distribution of 5% of the company’s capital, equivalent to EGP 1 per share, as cash dividends for the year ended December 31st 2021, according to a statement filed to the Egyptian Exchange (EGX) on Sunday.
Dividends will be disbursed for 2021 profits and retained earnings after a legal reserve deduction of 5%, the statement revealed.
The board was also notified with the initiation of the construction works of the five-star hotel in Hurghada at a cost of around EGP 400 million, which will be carried out over the period from 2022 until 2024.
Moreover, the board approved buying all the assets of its 63.33%-owned Pyramisa Touristic Resorts -Luxor, as well as the liquidation of the subsidiary.
Pyramisa Hotels is engaged in tourism and hotel development and investment. The company, along with its subsidiaries, is primarily involved in the ownership, establishment, sale, rent, and management of hotels, in addition to providing travel, entertainment, therapeutic, and sports facilities.
