Reuters: Financial Services and Real Estate: EFG plans 4 Eg pound dividend after QInvest tie-up

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

EFG plans 4 Eg pound dividend after QInvest tie-up Jun 3rd 2012, 13:04 CAIRO, June 3 | Sun Jun 3, 2012 9:04am EDT CAIRO, June 3 (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)

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