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Arafa Holding to give out bonus shares
25 May '10
1 min read
Egypt's biggest exporter of apparels, Arafa Holding, has announced that, it will soon give out a dividend of one share for every 10 owned.
Later during the year, it will again give out another share for ever 10 owned, but the same will be dependent on the improvement of the international economic markets, especially both generic and domestic markets, informed company officials.
Although, it did not disclose the shirt manufacturer's name, Arafa stated that, it will soon launch a 60 percent owned joint venture with an Italian luxury shirt producer. The venture will commence with its initial production in October. Currently, Arafa produces and trades apparels in Egypt and Europe.
The firm has recently changed its fiscal year, which will end in January instead of March. Also, their revenue for the financial year, ending January fell by 14.5 percent to $332 million.
Later during the year, it will again give out another share for ever 10 owned, but the same will be dependent on the improvement of the international economic markets, especially both generic and domestic markets, informed company officials.
Although, it did not disclose the shirt manufacturer's name, Arafa stated that, it will soon launch a 60 percent owned joint venture with an Italian luxury shirt producer. The venture will commence with its initial production in October. Currently, Arafa produces and trades apparels in Egypt and Europe.
The firm has recently changed its fiscal year, which will end in January instead of March. Also, their revenue for the financial year, ending January fell by 14.5 percent to $332 million.
Fibre2Fashion News Desk - India
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