Egypt's Talaat Moustafa Group, the country's biggest listed developer, said on Sunday its shareholders approved a dividend of one new share for every 40 held for its 2010 net profit.

Talaat Moustafa Group (TMG) posted 2010 net profit of 1 billion Egyptian pounds ($168 million), down from 1.2 billion pounds a year earlier.

TMG has been mired in a legal wrangle over its $3 billion Madinaty project since a June court ruling said the sale of state land to the firm was illegal and its contract should be scrapped. -Reuters