Arab Cotton Ginning Company (ACGC), Egypt’s biggest publicly traded textiles holding company, began implementing a new dividend policy “based on high and sustainable dividend yields,” the company said in a statement.
In September, ACGC announced a dividend of LE 0.95 per share representing a dividend yield of almost 26 percent on the share price at the time of announcement. The company has also registered a significant increase in profits with consolidated net profit reaching LE 204.4 million at the end of June 2010, up from LE 28.8 million the previous year.
Consolidated revenue rose 33 percent year-on-year, the statement read.
The company recently appointed Ammar AlKhudairy as its new chairman, who is also the managing partner of Amwal AlKhaleej, a Saudi-based private equity firm operating in the MENA region with offices in Cairo and Dubai.
Amwal AlKhaleej has a more than 20 percent stake in ACGC.
Ahmad El Bosaty was named chairman and managing director of Modern Nile Cotton Co. He is also the president of the Alexandria Cotton Exporters Association.
