Back to the complete issue
Monday, 11 April 2022

EKH to pay holders of EGP-denominated shares a USD dividend for the first time

THIS IS A FIRST- Shareholders of EGX-listed EK Holding will receive dividends in USD — regardless of whether they hold USD- or EGP-denominated shares. The company last summer offered shareholders the chance to convert holdings of EKH shares denominated in USD into newly created EGP shares.

How much is the divy? The 7-cent per-share dividend (pdf) is payable on Thursday, 21 April to folks who hold EKH shares as of Monday, 18 April.

BACKGROUND- The company previously traded only in USD (and so paid dividends in USD to holders of USD-denominated shares). EK said it made its shares convertible between USD and EGP to attract investors who may have liked the investment company’s turnaround story, but who had been turned off by the logistics of trading a stock that only changed hands in USD. When the 2021 dividend is paid out next week, EKH will have distributed a dividend every year since 2007, with 11 of those divvies now being in cash.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.