Vodafone Egypt to Pay Delayed Dividends
Published on: 31st Mar 2016
Note -- this news article is more than a year old.
Vodafone's Egyptian subsidiary has signed a deal to release withheld dividends to its second largest shareholder, the local landline operator, Telecom Egypt.
Vodafone Egypt has not paid any dividends to its shareholders since 2012 due to a dispute over repatriating profits to its UK headoffice.
In a stock market statement, Telecom Egypt, which owns 45 percent of the local Vodafone operations said that a deal had been signed, which should release around EGP3.34 billion (USD381 million) in dividends to shareholders.
Telecom Egypt should get EGP1.5 billion, with the rest going to Vodafone's headoffice.
Vodafone Egypt will pay the profits in two equal installments in April and June, according to the statement.
Telecom Egypt is itself 80% owned by the Egyptian government.