Arab Finance: Egypt approved an additional EGP 1.061 billion in dividend distributions from five state-owned holding companies for fiscal year (FY) 2024/2025 to support the state treasury, according to a statement.

The decision was approved during the general assembly meetings of these companies, chaired by Deputy Prime Minister for Economic Affairs Hussein Eissa, as part of efforts to enhance the contribution of state-owned enterprises to the national economy.

The companies are Holding Company for Metallurgical Industries, Chemical Industries Holding Company, HoldiPharma, Holding Company for Tourism and Hotels, and Holding Company for Construction and Development (HCCD).

In this regard, the Holding Company for Metallurgical Industries will provide the largest share with an additional EGP 400.3 million, while the Chemical Industries Holding will distribute EGP 260 million.

The Holding Company for Tourism and Hotels approved a second distribution of nearly EGP 157 million, HCCD approved an additional dividend of EGP 156 million, and HoldiPharma cleared an additional EGP 88 million.

Eissa said the distributions were approved after assessing each company's financial position and its ability to meet operational and financing commitments.

He affirmed that the move balances between maximizing returns on state-owned assets and supporting the state treasury without affecting the companies' investment programs, ongoing projects, or future expansion plans.