Last checked at 31 Mar 2010 16:31
Telecom Egypt
An Egyptian Joint Stock Company
Resolutions of the Ordinary General Assembly
Convened on Wednesday, March 31, 2010 at 12 p.m.
Resolution No. 1
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the Report of the Board of Directors of the Company regarding the activities of the Company during the fiscal year ended on December 31, 2009.
Resolution No. 2
The Ordinary General Assembly of Telecom Egypt, which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved each of the Reports of the Auditors of the financial statements of the Company for the fiscal year ended on December 31, 2009.
Resolution No. 3
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the financial statements of the Company for the fiscal year ended on December 31, 2009.
Resolution No. 4
The Ordinary General Assembly of Telecom Egypt, which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the distribution of dividends for the fiscal year ended on December 31, 2009 in accordance with the following:
|
|
| In LE 1000 |
| Net Profit of the Year |
| 2,313,477 |
| Profits Carried Over From the Previous Year |
| 756,658 |
|
|
| ________________ 3,070,135 ________________
|
To be distributed as follows:
| To be distributed as Follows: |
|
|
| Legal Reserve |
| 115,674 |
| Shareholders' Share |
| 1,280,304 |
| Employees' Share |
| 142,256 |
| Board of Directors' Remuneration |
| 5,000 |
| Profits Carried Over To the Next Year |
| 1,526,901 |
|
|
| 3,070,135 |
Thereby, the dividend per share of the distributed profits is LE 0.75 (seventy-five Piasters) per share to be distributed on April 29 for the holder of the share on April 26.
Resolution No. 5
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the appointment of KPMG Hazem Hassan as the Auditor of the Company in connection with the fiscal year ending on December 31, 2010 and to keep the Auditor's fees as is in the amount of LE 220,000 (two hundred and twenty thousand Egyptian Pounds).
Resolution No. 6
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the release of the Chairman and members of the Board of Directors of the Company from liability in connection with their activities in the Company during the fiscal year ended on December 31, 2009.
Resolution No. 7
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the donations granted during the 2009 fiscal year, amounting to LE 89,543,957.25 and unanimously authorized the Board of Directors to grant donations in respect of the 2010 fiscal year within the limit of LE 50 million.
Resolution No. 8
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, agreed to maintain the attendance & transportation allowances of the members of the Board of Directors of the Company for the fiscal year ended on December 31, 2010 as they were in the previous year, as follows:
·; LE 1,000 attendance allowance;
·; LE 4,000 transportation allowance.
Whereas, the Chairman, Eng. Akil Hamed Beshir, shall continue to receive all of his financial and in-kind benefits currently granted to him for a period of one year as of August 13, 2010 to be renewed at such time.
Resolution No. 9
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the authorization of the Board of Directors to execute compensatory contracts, provided that each contract shall be individually authorized.
Resolution No. 10
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the sale of the land of the Wireless Control Plant in Giza which is owned by the Company to the National Telecommunications Regulatory Authority and also the sale of the sale and collection center in Helwan and authorize the board of directors to take necessary measures for sale.
Resolution No. 11
The Ordinary General Assembly of Telecom Egypt which convened on Wednesday, March 31, 2010, by unanimous vote of the shareholders present and represented at the Meeting, approved the extension of the term of Mr. Abdelhamid Mahmoud Hamdy, Vice Executive Director for Human Resources, Legal and Administrative Affairs for one year as of August 4, 2010.
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Chairman
Akil Hamed Beshir