Last checked at 29 Jul 2015 08:30
Board of Directors' Meetings Held on July 28, 2015
Cairo, 28 July 2015
The Board of Directors in its meetings on May 5, 2015, unanimously resolved the following:
1. Approved the minutes of the previous Board of Directors Meeting May 5, 2015.
2. Approved the Company's subscription in the capital increase of its subsidiary Edita Confectionary Industries S.A.E ("ECI") amounting to EGP 36.8 Million (being Edita's share), which shall be funded through capitalizing ECI's debt to the Company, and accordingly the Company will maintain its shareholding at 77.7% of ECI's capital. Further, the Board of Directors unanimously approved to authorize the Chairman and Managing Director in taking all necessary procedures to conclude the Company's contribution in the capital increase of ECI, including but not limited to, voting on behalf of the Company at the general meeting of ECI.
3. Approved to authorize the Chairman and Managing Director to take all necessary actions to select a plot of land appropriate to the Company, and take all necessary procedures and move forward with the purchase.
4. The Board of Directors was updated by the Chairperson of the Audit Committee as to the Audit Committee findings from its meeting earlier in the day, and accordingly the Board of Directors was informed of its content.
5. In light of the replacement letter submitted by Berco Limited, the Board of Directors unanimously resolved to approve the appointment by Berco Limited of its representative in the board Mrs. Fatma Ibrahim Mahmoud Lotfy to replace Mr. Sameh Fikry Makram Ebeid.
6. Approved the sale of 6 Company cars.
-Ends-
Contact
Ms. Dina Al-SonbatyVice-President (Investor Relations and Corporate Affairs)T: +202 3851 6464 | M: +2012 2 218 7052 | dina.sonbaty@edita.com.eg
Ms. Menna Shams El DinInvestor Relations and Business Development ManagerT: +202 3851 6464 | M: +201001542428 | menna.shamseldin@edita.com.eg