Sidpec announced that shareholders at the AGM had voted to increase the company’s dividend to EGP1.4/share from the EGP1.25/share proposed by the board of directors (BoD). This represents a dividend yield of 11.4% and payout ratio of 87% based on FY2015 reported net income (payout of 97% based on FY2015 attributable net income). The dividend was raised above our expectation of EGP1.3/share. The company will pay out the dividend in two tranches: i) EGP1/share within one month of the AGM (by 30 April 2016); and ii) EGP0.4/share after three months (it is not clear if this refers to three months after the AGM or three months after the payment of the first tranche of the dividend). (Company disclosure, Yousef Husseini)   Sidi Kerir: EGP12.65 as of 31 March 2016, Rating: Buy, FV: EGP13.54 per share, MCap: USD748 million, SKPC EY / SKPC.CA