Egypt's TMG to distribute first cash dividend

CAIRO, April 15 Tue Apr 15, 2014 6:10am EDT

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CAIRO, April 15 (Reuters) - Egyptian property developer Talaat Moustafa Group (TMG) will distribute a cash dividend of around 0.145 Egyptian pound after profits grew in 2013, the company said on Tuesday.

The payment, TMG's first cash dividend since it was formed in 2007, will be in two equal tranches to be distributed on April 30 and June 30 to holders of the stock as of April 27.

Talaat Moustafa's net profit rose 7.2 percent last year to 585.19 million pounds.

Its shares were up 9.9 percent at 1029 GMT, trading at 8.55 pounds. ($1 = 6.9802 Egyptian Pounds) (Reporting By Shadia Nasralla; editing by Tom Pfeiffer)