Telecom Egypt S Regulatory News (TEEG)

13 Mar 2007 07:15

Telecom Egypt S.A.E13 March 2007 Telecom Egypt Invitation to the Ordinary General Assembly Of Telecom Egypt S.A.E. Scheduled to Convene on March 29, 2007 Cairo, 13th March, 2007: The Board of Directors of Telecom Egypt S.A.E. has theprivilege to invite the shareholders of the Company to attend the OrdinaryGeneral Assembly of the Company scheduled to convene at 12 noon, on Thursday,March 29, 2007, at Movenpick Resort Cairo-Pyramids Alexandria Road, Giza, Egypt. Such is for purpose of discussion of the following agenda: 1. Approval of the report of the Auditor of the Company for the fiscal year ending on December 31, 2006. 2. Approval of the Report prepared and submitted by the Board of Directors of the Company regarding the activities of the Company during the fiscal year ending on December 31, 2006. 3. Approval of the balance sheet and profit and loss statement of the Company for the fiscal year ending on December 31, 2006. 4. Approval of the distribution of dividends for the fiscal year ending on December 31, 2006. 5. Approval of the appointment of the Auditor of the Company in connection with the fiscal year ending on December 31, 2007 and determination of the Auditor's annual fees. 6. Approval of the release of the members of the Board of Directors of the Company from liability in connection with the activities of the Company during the fiscal year ending on December 31, 2006. 7. Approval of the appointment of Mr. Hassan El-Sayed Abdullah, Vice Chairman & Managing Director of the Arab African International Bank, as a member of the Board of Directors of the Company, representing the Government, as a successor to Dr. Bahaa Eldin Helmy Ismail, as the former member of the Board of Director representing the Government and who has deceased, and as approved by the Prime Minister. 8. Approval of the sale of 2% of the Middle East Radio Communications Company to TE Data at the par value whereby the total share owned by Telecom Egypt directly in the Middle East Radio Communications Company would be 49%. 9. Approval of the sale and transfer of ownership of the assets allocated to Egypt Net and owned by Telecom Egypt to TE Data as well as all client connections and such sale is for the amount of LE 27 million to be paid in annual instalments of 20% per annum. 10. Approval of the extension of the term of Mr. Ali Gamal El Din Ahmed Abdelaziz Salama, the Vice President for Financial Affairs, for a period of six months as of January 12, 2007. 11. Approval of the extension of the term of Ms. Dawlat Abdel Hamid El Badawy, the Vice President for Projects Planning, for a period of one year as of July 12, 2007. 12. Review and approval of the donations granted in connection with the fiscal year ended on December 31, 2006 and authorization of the Board of Directors to grant donations in respect of the fiscal year ending on December 31, 2007. 13. Approval of the addition of land not listed in the General Assessment of Assets of 1998 14. Determining the allowances of members of the Board of Directors for each meeting during the year 2007. We also draw the shareholders' attention to the following: (a) The Ordinary General Assembly shall not be validly held unless attended by the number of shareholders representing 50% of the capital of the Company. (b) Each shareholder shall be entitled to attend the Ordinary General Assembly of the shareholders either in person or by proxy to another shareholder who is not a member of the Board of Directors. To be valid, a proxy must be issued by means of a written power of attorney and the representative must be a shareholder. Any shareholder may not represent by proxy in the Ordinary General Assembly a number of votes exceeding ten percent (10%) of the nominal shares of the Company's capital or twenty percent (20%) of the shares present at the Meeting. (c) Shareholders wishing to attend the General Assembly shall submit a certified statement issued by one of the bookkeeping companies indicating the shares they own and indicating that the balance of shares reflected in the statement has been blocked until completion of the General Assembly. The foregoing must be effected at least three days prior to the date of convening the Ordinary General Assembly. (d) Any questions concerning the items of the agenda to be presented to the General Assembly must be submitted in writing at the head office of the Company located at 26 Ramses Street, the Investor Relations Department, 3rd Floor either by registered mail or hand delivery in exchange for a receipt at least three days prior to the date the General Assembly convenes. (e) Discussions at the General Assembly shall be limited to the items on the agenda. (f) Attendance of the General Assembly shall only be limited to the shareholders without being accompanied by any other parties and attendees must be present enough time before the General Assembly to allow for registration of attendance in the registers. (g) The documents that are required to be made accessible to the shareholders prior to the OGM shall be available at the head office of the Company located at 26 Ramses Street, the Investor Relations Department, 3rd Floor. Chairman Akil Hamed Beshir - Ends - For further information: Investor Relations Contacts Tarek Tantawy, CFADirector of Investment, Treasury & Investor RelationsTelephone: +202 5788111Fax: +202 5789314 Eman AnisInvestor Relations ManagerTelephone: +202 5788787Fax: +202 5789314 E-mail: investor.relations@telecomegypt.com.eg Notes to Editors: Within this statement, we may make forward-looking statements regarding futureevents or the future performance of the Company. By their very nature,forward-looking statements involve inherent risks and uncertainties, bothgeneral and specific, and risks exist that the predictions, forecasts,projections and other forward-looking statements will not be achieved. Youshould be aware that a number of important factors could cause actual results todiffer materially from the plans, objectives, expectations, estimates andintentions expressed in such forward-looking statements. When relying onforward-looking statements, you should carefully consider the political,economic, social and legal environment in which Telecom Egypt operates. Suchforward-looking statements speak only as of the time of this release today.Accordingly, Telecom Egypt does not undertake any obligation to update or reviseany of them, whether as a result of new information, future events or otherwiseother than as required by applicable laws, the Listing Rules or Prospectus Rulesof the United Kingdom Listing Authority, the Egyptian Capital Markets Authorityor the Cairo and Alexandria Stock Exchange. The documents filed from time totime with these authorities may identify important factors that could causeactual results to differ materially from those contained in any forward-lookingstatements. 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 10.8 million subscribersas at the end of December 2006 representing a teledensity of 15%. 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 active operations in Egypt andJordan. TE currently participates in the mobile segment in Egypt by providing mobileinterconnectivity through its current, increased 44.66% holding in VodafoneEgypt, one of the two existing Egyptian mobile operators. TE's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on the Cairo andAlexandria Stock Exchanges and the London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange