Cairo – Mubasher: The ordinary general meeting of Atlas for Land Reclamation and Agricultural Processing decided to withhold cash dividend distribution for the fiscal year 2015.
During 2015, the company’s net earnings after tax declined to EGP3.1 million from EGP6 million a year earlier.
In a bourse filing, the company indicated that the ordinary general meeting approved establishing a new company for real estate investments and development, in which Atlas for Land owns 99.9% stake. Moreover, the new unit will be operating with authorized capital of EGP 20 million, and issued and paid-in capital of EGP 2 million and EGP 200,000, respectively.
Atlas is currently capitalised at EGP 59.21 million, distributed across 5.9 million shares at EGP 10 par value.
