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.