Telecom Egypt S Regulatory News (TEEG)

30 Mar 2006 16:43

Telecom Egypt S.A.E30 March 2006 TELECOM EGYPT AGM STATEMENT March 30, Cairo - At the Annual General Meeting of Telecom Egypt held on 30March 2006, the following resolutions were approved: 1. Review and approval of the Board of Directors' Report for the fiscal year ended on December 31, 2005. 2. Review and approval of the Auditor's report on the financial statements for the fiscal year ended on December 31, 2005. 3. Review and approval of the financial statements of the Company for the fiscal year ended on December 31, 2005. 4. Review and approval of the release of the Board of Directors from liability in respect of the fiscal year ended on December 31, 2005. 5. Review and approval of the distribution of profits in respect of the fiscal year ended on December 31, 2005 according to the following: EGP (000)Net profit for the year 1,835,871Retained earnings brought forward from the previous year 386,375 Amount transferred from reserves 10,005Adjustment on retained earnings (11,742)Profits available for distribution 2,220,509 To be distributed as follows: EGP (000)Legal reserve 91,794General reserve 650,000Shareholders' dividends 853,536Employees' share in profit 94,837Board of directors' remunerations 2,500Retained earnings carried forward to the next year 527,842 2,220,509 6. Review and approval to set the remuneration and allowances of the Board of Directors in respect of the fiscal year ending on December 31, 2006 to be EGP 1500 for board attendance & allowance and EGP 300 as transportation allowance. 7. Review and approval of the appointment of the auditor and his fees in respect of the fiscal year ending on December 31, 2006 for a fee of EGP 165,000. 8. Review and approval of charitable donations granted in connection with thefiscal year ended on December 31, 2005, and authorization of the Board ofDirectors to grant donations in respect of the fiscal year ended 31 December,2006, to approve the donations given by the Company during the Fiscal Year endedon 31 December 2005, in an amount of EGP 7,268,000, together with authorizationof the Board of Directors to donate within a limit of EGP 10 million for theFiscal Year ending on 31 December 2006. In a speech delivered at the AGM, Mr. Akil Beshir, Chairman and CEO of TelecomEgypt said: "2005 was a very busy and successful year for Telecom Egypt and we areencouraged by the progress that's been made in the first quarter 2006, towardsyear end goals. "As a publicly traded company we take our obligations to our shareholders veryseriously and as today's Annual Shareholders Meeting has shown, we continue tostrive toward the highest standard of corporate transparency". - ENDS - For inquiries, please contact: Tarek TantawyDirector; Investment, Treasury & Investor RelationsTelephone: +202 5788826Fax: +202 5789314 Eman AnisAssistant Manager; Investor RelationsTelephone: +202 5788787Fax: +202 5789314 E-mail: investor.relations@telecomegypt.com.eg About Telecom Egypt Telecom Egypt (TE), Egypt's incumbent telecommunications operator, started itsoperations in 1854 with the first telegraph line in Egypt. Then it wascorporatized in 1998 to replace the former Arab Republic of Egypt NationalTelecommunication Organization (ARENTO). The Company is the largest provider offixed-line services in the Middle East and Africa with more than 10.4 millionsubscribers as at the end of December 2005 representing a teledensity of 14.6percent. TE provides retail telecommunication services including access, local, longdistance and international voice, Internet and data, and other services. Thecompany also provides wholesale services including bandwidth capacity leasing toISPs, and national and international interconnection services. Telecom Egypt'sservices also include the provision of narrowband and broadband internet accessthrough its subsidiary TE Data. TE Data has current operations in Egypt, Jordan,and Dubai and has ambitious plans in other parts of the MENA region. Telecom Egypt's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on theCairo and Alexandria Stock Exchanges and the London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange