Swiss-based Orascom Development pays first dividend

CAIRO, May 5 (Reuters) - Swiss-based Egyptian tourism group Orascom Development Holdings (ODH) has agreed to pay out a dividend to investors for the first time, analysts said on Tuesday.

The 0.5 Swiss franc ($0.44) per share dividend was agreed at the firm's annual general meeting on Monday. The meeting also approved the creation of Egyptian depository receipts to be listed on the Egyptian stock exchange.

Investment bank Beltone Financial said in a note to clients that the firm had previously refrained from paying dividends as its projects were under development.

Beltone said ODH held cash and equivalents of 177 million francs at the end of 2008 and that the approved dividend amounts to 12 million francs.

By 0920 GMT, the firm's shares traded 0.87 percent higher at 34.80 francs.

($1=1.139 Swiss Franc)

(Writing by Alastair Sharp; editing by Simon Jessop) Keywords: ORASCOMDEVELOPMENT/ ([e-mail]; Cairo newsroom [phone]/1) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.