Arafa Holding, Egypt's biggest garment exporter, will distribute a dividend of one share for every 10 owned, the firm said on Monday. Later in the year, it will distribute yet another share for every 10 owned "subject to the improvement in the global financial markets in general and local market in specific," the firm said in a statement. Arafa, which makes and sells garments in Egypt and Europe, said it had also agreed to set up a 60-percent owned joint venture with an Italian maker of high-end shirts. The venture will begin initial production in October, it said, without giving the shirt maker's name or other details. Arafa said revenue for the financial year to end-January had declined 14.5 percent to $332 million, without providing a comparison figure. The company recently changed its financial year to end in January instead of March.
