Cairo – Mubasher: Universal for Paper and Packaging Materials (Unipack) said Sunday that the board of directors declined some minor shareholders’ proposal for cash dividend distribution due to the company’s tight financial position, according to a bourse filing.

Instead, they put forward bonus share distribution as the company’s retained and reserve earnings cross EGP 36 million, while its issued capital reaches EGP 40 million”, the statement revealed.

The board of directors will consider this proposal to decide before asking the extraordinary meeting to review it.

Earlier, the shareholders of Arab Dairy Products approved signing contracts with Universal for Paper and Packaging Materials’ (Unipack) for purchasing paper and packaging materials