HDB’s AGM postpones approval of dividends for 21 days
Housing & Development Bank’s (HDB) AGM, held yesterday, approved the bank’s FY17 financial statements and its proposed employee profit sharing. The AGM, however, did not approve the EGP1.5/share DPS for FY17 and postponed the decision for 21 days to discuss increasing dividends with the Central Bank of Egypt (CBE). The board had initially proposed a DPS of EGP2.5/share, which was later cut to EGP1.5/share, after instructions from the CBE to cut the dividends without specifying a reason for the cut, according to HDB’s management.
Housing & Dev. Bank: EGP53.34 as of 19 Mar. 2018, Rating: Neutral, TP: EGP53.60/share, MCap: USD384mn, HDBK EY/HDBK.CA
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