Egyptian real estate firm Heliopolis Housing has proposed a cash dividend of LE 1.30 ($0.228) per share.
The firm, which made net profit for the year to end-June of LE 151.5 million, jumping 52 percent from a year earlier, is expanding investments in real-estate projects across the capital and its suburbs, it said in the statement to the stock exchange.
"These new projects need significant financing and the firm’s own capital cannot fill the need," it said.
"On the other hand, the cost of external financing, either from banks or other groups, can be very high," it said.
The first half of the dividend payment will come within a month of ordinary shareholder approval, and the second installment will be paid in February 2011.
Heliopolis asked its shareholders in July to approve a 50 percent capital increase financed from retained earnings and said it would issue one bonus share for every two held, to raise capital to LE 111.3 million from LE 74.2 million.
