Egypt: Suez and Torah to pay cash dividend

Egypt: Suez and Torah to pay cash dividend
Published: 07 April 2010

Suez Cement, Egypt’s largest listed cement maker, approved a cash dividend of E£3.3/share, the stock exchange said on Tuesday.

The company, part of Italy’s Italcementi Group, also approved an E£3 cash dividend for its subsidiary, Torah Cement.

Suez’s dividends will be paid on April 29 and Torah will pay its dividends on April 22, the company said in its statement to the stock exchange.

Suez posted a 25 per cent rise in 2009 net profit driven by higher sales in the booming Egyptian market. The government stimulus on infrastructure spending and growing demand for housing fuelled a 25 per cent rise in consumption last year, with production reaching 50Mt.

Source: Reuters