Regulatory News

The General Assembly of The Lebanese Company for the Development and Reconstruction of Beirut Central District, s.a.l. (Solidere) held on July 31^st, 2012, approved the proposal of its Board of Directors to distribute dividends out of 2011 profits to shareholders. The dividend, 25 Cents for each share (A) or (B), together with one share for every fifty shares of (A) or (B), will be paid to shareholders of record of August 14, 2012.  Distribution of dividends will start on October 15, 2012.

The General Meeting approved the Consolidated Financial Statements of the Company for fiscal year 2011.

The General Assembly granted to the members of the Board of Directors the authorizations provided for in Articles 158 and 159 of the Lebanese Code of Commerce, and granted to the Chairman and members of the Board of Directors quitus for their management of the Company in the year 2011.

Members elected to the Board of Directors by the General Assembly:

Nasser Chammaa

Mounir Douaidy

Maher Beydoun

Basile Yared

Joseph Asseily

Raphael Sabbagha

Oussama Kabbani

Makram Abboud

Fadi Boustany

Raja Salameh

Maher Daouk

Ernst & Young and Deloitte and Touche were assigned by the General Assembly as external auditors.