Oriental Weavers proposes dividend, stock split
CAIRO (Reuters) - Egyptian carpet maker Oriental Weavers proposed a dividend of 3 Egyptian pounds per share and a five-for-one stock split to encourage more trading and widen its investor base, the firm said on Tuesday.
Egytex News Desk
Source: Reuters
The decisions are pending final agreement at the company's annual shareholders' meeting on March 20.
"The stock split is to expand our investor base, add new segments ... and enhance liquidity," Investor Relations Manager Haitham Abdel Moneim told Reuters.
The dividend, if approved, will be paid prior to the split, he said.
Oriental Weavers, the world's biggest machine woven carpet producer, has 74 million listed shares. The company reported a full-year net profit after minority interests of 312 million pounds, up 0.4 percent from the previous year.
In 2008, the group paid out a 1.1 pound dividend.
Its shares were trading 4.7 percent higher at 40 pounds by 0930 GMT.
Source: Reuters
From the Egytex news archive, first published on 2 March 2010. Figures and names are as reported at the time.
