AMOC.L Regulatory News (AMOC)

Resolution

BOD had unanimously ratified minutes of the previous Board meeting (Session 13) that was held on October 18, 2018

Resolution 1

BOD had approved the chairman's business travel to Amsterdam, Holland for the studies and Considering the Project (Hydrocracker Ebullated bed) in Fluor and to Rotterdam, Holland to negotiate with the Licensor (Chevron/Air Product).

Resolution 2

BOD had approved to amend the Personnel regulations regarding article 50 / Chapter 2 / Item 8 (Bonus).

Resolution 3

BOD had approved the recommendation issued by the decision-making committee regarding the limited tender in terms of importing 150 ton of viscosity reducing agents OFI 7669 from Innospee company , UAE through Innospee's agent in Egypt (Interconsult) for €2460/ Ton and for total amount of € 368852.4 Equivalent to about 7605736 EGP including the cost of Certificate Euro 1 (Operation no. 5 / 2019).

Knowing that the estimated value for the operation is €382500 and according to the justifications reported and its attachments.

Resolution 4

BOD had approved the recommendation issued by the decision-making committee in terms of petroleum products regarding the purchase of around 2000 Tons / Month of cutter stock for 5750 EGP/month including VAT and in accordance with the terms and conditions previously agreed by with World White Company and according to the justifications reported and its attachments.

Resolution 5

BOD had approved AMOC financial statements and its clarifications and attachments regarding the financial position in September 30, 2018 with total investments around 2730 Million EGP. In addition, the income statement for the period ended September 30, 2018 with net profit around 253 Million EGP. Moreover, the statement of cash flow and the change in the shareholders' equity for the same period.

Resolution 6

BOD had approved on Freelance Contract Proposal If necessary and not to exceed 0.5% of the total employments and according to the justifications reported and its attachments.

The BOD to review such contracts consequently

Resolution 7

Approving the donation to Associations and Hospitals and clubs and some school in Alexandria with a total value of 157,474 EGP, such donation based on the company's interest in its Community Services Responsibilities by participating in many activities and business with the local community as follows:

Donate 30,000 EGP to Faculty of Engineering - Alexandria University for the Social Solidarity Fund.

Donate 10,000 EGP Nahdet Al-Amreya - Alexandria for Completion of administrative, social and cultural building.

Donate 10,000 EGP to Abu Bakir Unit of the Alexandria Health Affairs Department to purchase a device for the evaluation of machines and dental syringes to provide full service and infection control.

Donate 30,000 EGP to General Hospital for the purchase of four tables of electricity operations (birth table and the number of two dermatological devices for surgical operations and other devices for the hospital to serve patients).

Donate 77,474 EGP to some schools in Alexandria in order to pay tuition fees for some students with poor and low-income parents who cannot afford to pay tuition fees for FY (2018/2019).

·

And according to the justifications reported.

Resolution 8

The Board approved the leasing of three floors (5th, 6th and 7th) in the Middle East Oil Refinery (MIDOR) as the administrative branch of AMOC in Cairo, including office furniture for five years, starting from December 1, 2018 with a total area of 420 m2/ floor(1260 m2) and a rental value of $7 per meter and an annual total value of $105,000 or equivalent in EGP.

Knowing that MIDOR building is twice the size of the currently leased floor with a lower rental value of $26000 per year and a virtual capacity for the number of employees more than six times the current virtual capacity number of employees And according to the justifications reported.

The annual increase in the renewal of the contract shall be 10% annually in the case of payment in Egyptian pounds and 5% in the case of payment in dollars

In case of early termination by one party, such party shall not pay more than three months of the value of the contract in order to ensure the good relationship between the two companies

Resolution 9

BOD had informed by the Report of the Audit Committee regarding the period from July 1st, 2018 to September 30, 2018. And according to the justifications reported.