Last checked at 3 Apr 2018 07:00
Summary of Resolutions of the Annual General Meeting of Shareholders (AGM)
held on Sunday April 1, 2018
1) Ratification of the BOD's report on the Company's operations and their results for the fiscal year (FY) ended 31 December 2017
2) Ratification of The Independent Auditor's report on the financial statements (FS) of the Company for the FY ended 31 December 2017
3) Approval of the Company's FS for the FY ended 31 December 2017
4) Amending the proposed dividends by the BOD for the FY ended 31 December 2017 to include a stock dividend to shareholders of 202,899,611 shares at a rate of 0.20348965183 shares for each share; increasing issued and paid in capital to EGP 1.2 billion.
5) Authorizing the BOD to make donations in excess of EGP 1,000 each (one thousand Egyptian Pound), and approval of the of the donations made in 2017
6) Approving re-appointment of the Independent Auditor BDO Khaled & Co. and delegating the BOD in determining the Audit Fess for 2018 for the annul full scope audit and quarterly limited reviews for both separate and consolidated financial statements with a maximum of EGP 360,000
7) Approving the allowances and transportation expenses for the members of the BOD for the FY 2018; same as of FY 2017.
8) Release of the Chairman and BOD of their responsibilities for the FY 2017
9) Approval of the BOD's decision No. (3) Dated 15 June 2017 to hire independent director Mr. Yasser Mohamed Kamel El Malah for the current term of the BOD; 2017-2020
Chairman of the BOD and Chairman of the AGM | Investor Relations Officer |
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Summary of Resolutions of the Extraordinary General Meeting of Shareholders (EGM)
held on Sunday April 1, 2018
1) Approving increase of issued and paid-in capital from EGP 997,100,389 to EGP one billion and two hundred million Egyptian pound; with an increase of EGP 202,899,611 distributed over 202,899,611 ordinary shares with a par value of one Egyptian pound, as stock dividend from net profit for the fiscal year ended 31 December 2017, as stated on the Company's approved financial statements
2) Approval of amendment of articles (6 and 7) of the Company's Articles of Association to reflect the capital increase mentioned above
3) Authorize the Chairman, the CEO, or their delegates to proceed with the procedures to amend the company's articles of association with the concerned governmental entities and incorporate any changes required by those entities according to applicable rules
Chairman of the BOD and Chairman of the EGM | Investor Relations Officer |