Egypt's TMG to distribute first cash dividend

Reuters, Tuesday 15 Apr 2014

Madinaty city developed by Talaat Moustafa Group Holding (Photo: Madinaty website)

Egyptian property developer Talaat Moustafa Group (TMG) will distribute a cash dividend of around LE0.145 after profits grew in 2013, the company said on Tuesday.

The payment, TMG's first cash dividend since it was formed in 2007, will be in two equal tranches to be distributed on April 30 and June 30 to holders of the stock as of April 27.

Talaat Moustafa's net profit rose 7.2 percent last year to LE585.19 million.

Its shares were up 9.9 percent at 10:29 GMT, trading at LE8.55 per each.

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