Thursday, April 15, 2021

The General Assembly of “Construction and Housing” approves the distribution of one free share for every 10 shares

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The Ordinary General Assembly of the Housing and Development Bank approved the list of proposed dividends for the past year 2020, with one free share for every 10 shares.

The General Assembly approved the report of the Board of Directors on the company’s activities and the financial statements for the past year, as well as the independent and consolidated financial statements.

The bank’s board of directors had proposed distributing one free share for every 10 shares, with a total value of 126.5 million pounds for 2020 profits, to increase the issued and paid-up capital by about 126.5 million pounds from distributable profits for 2020.

The general assembly decided to absolve the Board of Directors from liability for the period and renew the appointment of the bank’s account auditors.

The Board of Directors of the Housing and Development Bank suggested making free distributions to shareholders on last year’s profits amounting to 10% of the capital, including distributing one free share for every 10 shares.

The bank stated that the dividends amounted to a total value of 126.5 million pounds for 2020 profits.

It was decided to amend the list of distributions in preparation for presentation to the bank’s ordinary general assembly, and to start the procedures for increasing the issued and paid-up capital by about 126.5 million pounds from distributable profits for 2020.

The bank’s ordinary general meeting is scheduled to be held on March 31, to approve the financial statements and the proposal for dividends for 2020.

The profits of the “Housing and Development Bank” decreased by 7.37% during the past year to reach 2.06 billion pounds, compared to a net profit of 2.22 billion pounds during the previous year 2019, taking into account the rights of the minority shareholders.

Interest income decreased during the past year to reach about 6.04 billion pounds by the end of December 2020, compared to 6.62 billion pounds during 2019.

Earlier, the Board of Directors of the Housing and Development Bank approved the opening of three new branches.

The bank added that the three branches will be divided as follows:

– Hadaek October branch: located in the commercial center between Fayoum Road and Al Wahat Road, Hadayek October City – Giza Governorate.

– Palm Hills branch: located in the center in the second district of the eastern tourist extension, 6th of October City – Giza Governorate.

– Beverly Hills branch: located in the IB store, plot No. 7, LOT 8, Beverly Hills Compound – Sheikh Zayed City – Giza Governorate.

The decisions of the Board of Directors of the Housing and Development Bank included the approval of the transfer of the work of the library branch Zagazig – a regular branch located in the library of Mubarak Saad Zaghloul Street – Housing Directorate – Zagazig – Sharkia Governorate, and deleting it from the banks register of the Central Bank of Egypt to the Zagazig Orabi branch – a small branch, located in 10 Saad Zaghloul Street, Manshiyet Abaza – Zagazig – Sharkia Governorate.

The Board decided to transfer the license from the Zagazig branch of the library to the Shebin al-Kom branch, in preparation for marking this in the bank’s commercial register.

The profits of the Housing and Development Bank increased by 3.3% during the first nine months of this year to reach 1.65 billion pounds, compared to a net profit of 1.71 billion pounds during the same period in 2019, taking into account the rights of the minority shareholders.

While the bank’s interest income declined during the first nine months of 2020, to reach 4.32 billion pounds, compared to total revenues of 4.85 billion pounds last year.

 

The “Construction and Housing” general article approves the distribution of one free share for every 10 shares written in the Al-Borsa newspaper.

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