Madinet Nasr S Regulatory News (MNHD)

Madinet Nasr for Housing and Development (MNHD)

An Egyptian Joint Stock Company

Summary of Resolutions of Shareholders Annual General Meeting (AGM) and

Extraordinary General Meeting (EGM) held on 10 March 2020

First: AGM Resolutions

MNHD shareholders' AGM was held on Tuesday March 10, 2020 at 3:00 p.m. at the Company's Sales Center on the site of Taj City project; Extension of Thawra Street- Opposite to the Entry of Cairo International Airport- Cairo, Egypt

The following is a summary of the AGM resolutions:

1. Ratification of the BOD's report on the Company's operations and their results for the fiscal year (FY) ended 31 December 2019

2. Ratification of the Independent Auditor's report on the financial statements (FS) of the Company for the FY ended 31 December 2019

3. Approval of the FS for the FY ended 31 December 2019

4. Approval of the proposed dividends for the FY ended 31 December 2019; including cash dividend of EGP 648 million to shareholders in two tranches (EGP 0.15/share) in one month and the second one (EGP 0.30/share) in September 2020. Exact dates to be announced after coordination with MCDR.

5. Ratification of the BOD's report on application of corporate governance rules according to the guide issued by the Financial Regulatory Authority by Decree (84) of 2016

6. Authorizing the BOD to allow donations in excess of one thousand Egyptian Pound in 2020

7. Appointment of the Independent Auditor and delegation of the BOD to determine audit fees for the FY 2020 with a maximum of EGP 473,000.

8. Determine the allowances and transportation expenses for the members of the BOD for the FY 2020

9. Approve swap of a number of plots of land owned by MNHD

10. Authorizing the BOD to execute contracts with related parties.

11. Release of the Chairman and BOD of their responsibilities for the FY 2019 and approving their paid bonuses and allowances

Second: EGM Resolutions  

The legal quorum for validity of MNHD shareholders' EGM was not met. Accordingly, the meeting was not convened and postponed to a letter date to be announced.

Chairman of the Board and AGM

Eng. Mohamed Hazem Barakat