| Kippreport.com

EFG plans 4 Egyptian pounds dividend after QInvest tie-up

June 4, 2012 10:54 by Reuters

Egypt’s EFG Hermes said on Sunday it would distribute a dividend of 4 Egyptian pounds ($0.66) per share after it completes a joint venture it is forming with Qatar’s QInvest.

It confirmed in a statement that shareholders had approved the venture, in which EFG would have a 40 percent stake and QInvest 60 percent.

“As a result of the transaction, the proceeds will be utilized to distribute a dividend of EGP 4 per share, representing a dividend yield per share of 36 percent, in the form of actual annual profits, capital gains, retained earnings and capital reduction,” the statement said.

($1 = 6.0400 Egyptian pounds)

(Reporting by Patrick Werr)

Tags: EFGHermes, Egypt, joint venture, Qatar, QInvest, shares