CAIRO - Egypt's El Sewedy Cables approved a dividend of three bonus shares for every 10 eld, a move that will boost capital by 29.5 per cent, it said on Monday. In May last year, the firm paid a LE1 ($0.183) cash dividend. Net profit at Sewedy, the largest Arab cable maker by market value, declined 23 per cent in 2009 to LE633.6, hit by lower cable prices, reduced export sales and higher costs. Shareholders meeting on Monday agreed to use earnings to fund the dividend, which will increase outstanding shares to 171.2 million from 132.2 million and raise capital to LE1.72 billion. Sewedy's executives said earlier this month 2010 net profit would climb 25 per cent to around LE800 million, as loss-making activities recover and sales pick up. The firm, which has production plants in Egypt, Ethiopia, Nigeria, Yemen, Saudi Arabia, Syria, Algeria, Ghana, Zambia, Qatar and Libya, has around 10 projects that have yet to produce at capacity. ($1= LE5.458)
