Solidere approves distribution of dividends to shareholders

Real-estate giant Solidere approved Monday the distribution of dividends to shareholders following a general assembly meeting. The general assembly agreed to pay each shareholder a $0.25 cash dividend for each share, plus one share for every 50 shares held by stakeholders as of Aug. 14, 2012, according to the National News Agency. Dividends are to be distributed starting Aug. 15. The board of directors also re-elected Nasser Chammaa as president, Maher Baydoun and Fadi Boustany as vice presidents and Raphael Sabbagha as secretary. The general assembly reviewed and approved Solidere’s board of director’s financial report for 2011, which showed a net profit of $162 million. Solidere A dropped 0.73 percent to $13.63 Monday, and Solidere B fell 0.29 percent to $13.55. FFA Private Bank has recently set a $20 target price on Solidere shares, down from $22 previously, saying Lebanon’s real estate giant holds significant value for the long-term investor, provided that the political and security situation remains stable. Solidere’s profits plunged by 16.9 percent in 2011 compared to 2010, and gross revenues declined by 23 percent year over year to $296.3 million, down from $382 million. From: The Daily Star