Last checked at 18 Oct 2022 10:47
Orascom Investment Holding S.A.E.
Established pursuant to the provisions of Law 95/1992
Head Office: Nile City Towers, South Tower,
2005 A corniche El Nile, Ramlet Beaulac, 11221, Cairo, Egypt
Authorized Capital: EGP 2,885,129,841 billion
Issued Capital: EGP 577,025,968.2 (fully paid)
Number of Issued Shares: 5,245,690,620
Commercial register number: 394061 Cairo
Summary of the Board of Directors Resolutions
17 October 2022
Via Circulation
On Monday, 17 October 2022, upon the invitation of Eng. Akil Hamed Beshir-Chairman of the Board, the following resolutions were taken via circulation by the following members of the Board of Directors, namely:
· Eng. Akil Hamed Beshir, Non-Executive Chairman (independent);
· Eng. Naguib Onsi Sawiris, CEO and Managing Director;
· Eng. Iskandar Shalaby Naguib Shalaby, Executive Board Member;
· Eng. Hassan Mostafa Abdo, Non-Executive Board Member;
· Mr. Ashraf Abdel Tawab Salman, Non-Executive Board Member (independent);
· Mr. Oussama Daniel Nassif, Executive Board Member;
· Mr. Mohamed Hamdan Ashmawy, Non-Executive Board Member (independent); and
· Mrs. Wafaa Shoukry Zaklama, Non-Executive Board Member.
Ms. Nada Yasser Hafez was appointed as the Meeting's Secretary.
The Resolutions:
First resolution:
The Board unanimously approved that the Company purchases treasury shares with a maximum number of 524,569,062 shares, representing a maximum of 10% of the Company's total issued shares and traded in the Egyptian Stock Exchange (EGX) amounting 5,245,690,620 shares. Such purchase will be in accordance with the market price at the purchase date. The purchase of the treasury shares will be executed during the period from 18/10/2022 until 17/10/2023 from the Company's own resources.
The Board delegates Eng. Naguib Sawiris, CEO and Managing Director, Mr. Oussama Daniel Nassif, Executive Board Member and Mr. Marwan Hussien, Chief Financial Officer, "severally" to take all actions and sign on behalf of the Company on all undertakings, certification, documents, purchase order or any other document as needed to be signed and executed before the FRA, EGX or any other governmental entity and open accounts with brokerage firms to implement this Resolution. Furthermore, each of them is delegated to take all actions to execute any changes as may be requested by the FRA, EGX and any other governmental entity.
Second resolution:
The Board, only by counting the voting of the Independent Board Members, resolved to approve the non-interest-bearing loan provided to the Company by its subsidiary "CHEO Technology", with a value amount of 81,707,612 Euros and that such loan amount shall be transferred to and kept in OIH's bank account in the Democratic People's Republic of Korea as per the applicable laws and regulations and to confirm the delegation given to Mr. Marwan Hussien, Chief Financial Officer, to sign the loan documentation.
Chief Financial Officer
Marwan Mohamed Hussein