Cairo – Mubasher: Misr Fertilizers Production Co’s (Mopco) ordinary general meeting (OGM) has approved a cash dividend distribution of EGP 2.25 per share to shareholders for fiscal year 2018.

The OGM has endorsed 2018 financial statements, as well as the board’s and the audit’s reports on FY18 business, Mopco said in a statement to the Egyptian Exchange (EGX) on Wednesday.

Moreover, the general assembly has released the board from liability for FY18, according to the statement.

The OGM has also approved the netting contracts signed with related parties and authorised the board to sign netting contracts with these parties in 2019.

Meanwhile, the extraordinary general meeting (EGM) has agreed to amend articles 4 and 45 of the company’s articles of associtation.

Mopco last reported that its consolidated profits soared by 371% during fiscal year 2018 to EGP 3.17 billion, versus EGP 674.7 million in 2017.