LSE:SLED
RNS Number : 1211D
Lebanese Co For Dev&Rec of Beirut
04 July 2016
The General Assembly of Solidere shareholders convened their annual meeting on June
27th 2016 and approved the financial results for fiscal year 2015, in the presence of the Company's Board of
Directors.
The Chairman of the Board of Directors stated that despite the results of last year, 2016 is showing positive
and encouraging indications, as land sales in Beirut reached $158 million up to date and are expected to exceed $211 million by
the end of the year. The encouraging financial forecasts of Solidere International (SI), resultant from the projects that will be
completed within 2016 in Saudi Arabia and the United Arab Emirates, show positive indications as well; the Chairman stated that
Solidere International's cash inflows in the next three years will reach about $750 million and are expected to be mostly
distributed to shareholders. Solidere owns about 39% of Solidere International's share capital.
Based on the above, the General Assembly resolved to distribute dividends to its shareholders from its
retained earnings totaling about $35 million, through the distribution of one share for every 80 shares and $0.10 per share to
shareholders of record of July 18th 2016, making the ex-dividend date July 14th 2016. The payment of
dividends will start at the Company's offices on October 3rd 2016.
Solidere also presented its ongoing projects in Beirut and emphasized the solid financial state of the Company
as well as affirmed the prudent investment in Solidere International where the latter is showing noticeable growth through its
diversified projects portfolio and its sound cashflow strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
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