Cairo for Investment and Real Estate Development’s (CIRA) board of directors has approved to obtain a loan worth EGP 260 million from a local bank, as well as plans to distribute EGP 100 million in cash dividends.
In a statement to the EGX, CIRA said the loan will be used to finance the company’s new projects over the coming period, CIRA highlighted. Further details over which bank would provide the loan were undisclosed.
As for the dividend distribution, the ordinary general meeting has approved the board’s proposal to distribute cash dividends worth EGP 100 million, equivalent to EGP 0.172 per share for the year ended August 31st, 2021.
