Last checked at 13 Mar 2012 08:08
Telecom Egypt
An Egyptian Joint Stock Company
Resolutions of the Ordinary General Meeting
Convened on Monday, 12 of March 2012 at 3:00 P.M
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Resolution No. 1
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the Board of Directors' report of the Company's activities during the Financial Year ended on 31 December 2011.
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Resolution No. 2
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the Auditors' Report on the Company's Financial Statements for the Financial Year ended on 31 December 2011.
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Resolution No. 3
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the Company's Financial Statements for the Financial Year ended on 31 December 2011.
Resolution No. 4
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the appointment of Hazem Hassan KPMG as the Auditor of the Company for the Financial year ending on 31 December 2012 in consideration for the same fees as the last year, amounting to 220,000 (two hundred & twenty thousand) Egyptian Pounds.
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Resolution No. 5
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the discharge of the current Chairman and members of the Board of Directors of Telecom Egypt from liability in connection with their activities in the Company during the Financial Year ended on 31 December 2011.
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Resolution No. 6
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the donations made during 2011in the amount of 41,802,060.90 and approved the authorizing of the Board of Directors to make donations during the Financial Year 2012 within the limit of 50,000,000 Egyptian Pounds.
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Resolution No. 7
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved keeping the attendance and transportation allowances of the Members of the Board of Directors of Telecom Egypt for the Financial Year ending on 31 December 2012, the same as last year, as follows:
§ An attendance allowance of EGP 1,000; and
§ A transportation allowance of EGP 4,000;
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Resolution No. 8
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the compensatory contracts with related parties during the Financial Year ended on 31 December 2011, including, but not limited to, the Company's Shareholders or Board of Directors' members, if any, and authorized the Board of Directors to execute compensatory contracts with the said parties during the Financial Year 2012.
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Resolution No. 9
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the Proposed Dividends for the Financial Year ended on 31 December 2011, as follows:
In LE (000) | Description |
2,622,295 | Net Profit for the period until December 2011 |
686,321 | Retained earnings from the previous year (after settlements). |
(569,024) | Amounts of previous distribution |
2,739,592 | Total |
To be distributed as follows:
131,115 | Legal Reserve (5% of the annual net profit) |
1,877, 779 | Shareholders' Share |
345 633 | Employees' Share |
3,151 | Board Members’ Remuneration |
381 914 | Retained earnings |
2,739,592 | Total |
Therefore, the profit per share of the distributed dividends for 2011 shall be 1.10 LE. (One Egyptian Pound and 10 piasters) per share, other than what have been distributed (30 piasters) per share.
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Resolution No. 10
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the sale of a plot of land with an area of 4323.330 meters squared in the sixth District, Nasr City to the National Telecommunications Regulatory Authority, until an agreement between the company and the National Telecommunications Regulatory Authority is reached on the conditions of the sale, to be resubmitted to the General Assembly of Telecom Egypt for final approval.
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Resolution No. 11
The Ordinary General Assembly of Telecom Egypt held on Monday, 12 of March 2012, by unanimous vote of the Shareholders present and represented in the Meeting, approved the cancellation of the program of providing ownership of vehicles allocated to those in senior management positions.
Akil Hamed Beshir
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Chairman |