Investor Relations
Dividends

Each of the companies within TMG has a policy to pay dividends when permitted by law and subject to consideration of its investment requirements, financial condition, including its level of indebtedness and liquidity requirements, and its results of operations. The chart below sets out the dividends declared in the periods presented and subsequently paid by the Operating Companies, except for San Stefano which was not operational until 2006.

Arab Company:
Net Profit
Earnings per share
Dividends Paid
Alexandria Real Estate:
Net Profit
Earnings per share
Dividends Paid
Dividends for the fiscal year ended 31 December
2004
2005
2006
(LE)
(LE)
(LE)
(US$*)
(in millions- except per share amounts)
 
 
 
 
109.3
98.5
56.9
10.0
33.1
26.7
15.4
2.7
39.9
46.0
49.1
8.6
 
 
 
 
26.4
34.8
148.2
26.0
3.9
5.18
22.9
4.0
40.4(1)
28.7(2)
52.9(3)
9.3

(1) A share dividend, based on the par value of shares distributed. 
(2) Consisting of a cash dividend in the amount of LE 11.6 million (US$2.0 million) and a share dividend in the amount of LE 17.1 million (US$3.0 million), based on the par value of shares distributed. 
(3) Consisting of a cash dividend in the amount of LE 19.0 million (US$3.3 million) and a share dividend in the amount of LE 34.0 million (US$6.0 million), based on the par value of shares distributed. * Translated into U.S. dollars at 2006 year end prevailing exchange rate of US$1 = LE 5.6925 for convenience. 2008 exchange rate is in the range of US$1 = LE 5.325

 

As a holding Company, TMG’s ability to pay dividends depends on the dividends it receives from its subsidiaries and affiliates. The Company was incorporated in April 2007 and was not yet due to pay any dividends as at the end of fiscal year 2007. It had its first full year consolidated results at the end of fiscal year 2008. As with its individual subsidiaries, TMG Holding will follow a policy of paying dividends whenever permitted by its results of operations, financial position, investment and liquidity requirements, legal reserves and minimum capital requirements.

The declaration, amount and payment of dividends is determined, subject to the limitations set forth above, by majority vote of the Shareholders at an ordinary general meeting (“Ordinary General Meeting”) of the Company, generally, but not necessarily, on the recommendation of the board of directors.

 
 
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