Abu Dhabi – Mubasher: Shareholders at Sudan Telecom Group (STG or Sudatel) approved cash dividends on Sunday representing 1% of capital and totalling $11.8 million, the company said in a filing to the Abu Dhabi Securities Exchange (ADX).

Shareholders also approved a stock dividend representing 2.5% of capital and totalling 29.5 million shares, bringing the telecom’s total shares to 1.2 billion.

STG’s current capital amounts to $1.18 billion, divided on 1.18 billion shares at par value of $1 per share.

The company said that the last day for participation as well as the ex-dividend date has been scheduled to 31 May, with cash payments to be made before 31 December.

Shareholders approved the company’s financials for 2014 and elected a new board for the next three-year period.

The Sudanese telecom operator turned profitable in 2014 after achieving $50 million against losses worth $16.8 million and $46 million in 2013 and 2012, respectively.

Moreover, STG reported a profit surge of 53.2% to $9.6 million in Q1-15, compared to $6.2 million in the same period in 2014.