Solidere to Distribute Cash-Dividends and Stock-Dividends

During its annual ordinary general assembly held on July 13th, 2015, Solidere declared the distribution of cash-dividends and stock-dividends, which, combined, are equivalent to a distribution of $0.33/share.

The total dividend distribution of $52.88M is to be distributed in the form of one “A” or “B” share for every 50 shares of the same class, in addition to a cash dividend of $0.10/share. The ex-dividend date, after which new shareholders no longer receive the announced dividends, was set for Wednesday, July 29th, 2015 while the record date was set for Friday, 31st of July, 2015. The dividends are subject to a 5% tax, and will be distributed as of the 12th of Ocotber, 2015.

In addition, a new board of directors was elected during the assembly for the coming three years. Dr. Nasser Chammaa’ was elected president and general manager of the board, while Mr. Fadi Nabil Al Bustani and Mr. Maher Youssef Baydoun were elected as vice presidents, with Mr. Roufael Sabbagha elected as secretary general of the board. The board is also comprised of Mssrs. Maher Al Daouk, Raja Salameh, Bassil Yared, Makram Abboud, Mounir Doueidy, Joseph Assaily and Pierre Kamel.

Unconsolidated FY 2014 Results ($M)

Net Income96.90
Total Assets2,861
Shareholder’s Equity1,975

Source: Solidere 

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