Al Ezz Gds Regs Regulatory News (AEZD)

EZZ Steel Company - S.A.E.

30 April 2012

Result of Ordinary General Assembly Meeting

Resolutions of the Ordinary General Assembly Meeting

The Ordinary General Assembly Meeting (OGM) of the Company was validly held on April 28th 2012. The following resolutions were taken during this meeting:

1. Approving the Board of Directors Report on the Company's activities during 2011.

2. Approving the Auditor's Report and the Financial Statements for the fiscal year ended 31st December 2011.

3. Approving the Financial Statements for the fiscal year ended 31st December 2011. And approving a dividend distribution of 0.25 Egyptian Pounds per share (one GDR = three shares).

4. Discharging the Chairman and the members of the Board from their liabilities for the fiscal year ended 31st December 2011.

5. Determining the Chairman's and the members of the Board attendance allowance for the next fiscal year.

6. Renewal of the appointment of Mr. Hesham Gamal El Afandy, partner and Head of the revision department at KPMG, Hazem Hassan, as the company's Auditor and determining their fees for the next fiscal year ending on 31st December 2012.

7. Approving the related party transactions entered by the Company during 2011, and authorizing the Board of Directors to enter into related party transactions during 2012, also delegating the Board of Directors to issue guarantees from third parties on behalf of affiliates and subsidiary companies.

8. Approving the donations disbursed by the Board of Directors during 2011 and allowing the Board of Directors to make donations during the next fiscal year to the limit of 10 million Egyptian pounds.

The approval on the amendment of the Articles (21, 26 and 39) of the Company's Statutes to be as follows:

Article (21):

Article After Amendment

The Company shall be managed by a Board of Directors composed of three members at least and a maximum of nine members appointed by the General Meeting.

Article (26):

Article After Amendment

The Board shall hold its meetings at the Company's Head office or either Cairo or Giza Governorate whenever the need arises. The Board shall meet upon the chairman or the third of the members' request. The Board shall convene at least three times during each fiscal year. The Board may also convene in any other city in Egypt or outside Egypt provided that all the members shall be present or represented in the meeting.

The Board may also convene by conference call under the condition of proving the Board Meeting resolutions held by conference call in a document signed by the Chairman.

The Board of Directors decision may also issue a circular resolution, which shall be proved in a document signed by the Chairman of the Board of Directors.

Article (39):

Article After Amendment

The General Meeting shall represent all the shareholders while the Holders of Bearer Shares, if they exist, shall have the right to attend the meeting without participating in the voting. The Attendance of the Holders of Bearer Shares, if they exist, shall be registered in a special registry, and the meeting shall be convened in the Company's headquarter or either Cairo or Giza governorates.

END

Enquiries:

Ezz Steel

Kamel Galal

Tel: + 20 2 3762 2144 

Mobile: + 20 10 539 5499 

Capital MSL

James Madsen

Tel: + 44 20 7307 5328

Mobile: +44 7738324438

James.Madsen@capitalmsl.com