AGM Statement

1 Apr 2008 07:00

Telecom Egypt S.A.E01 April 2008 Telecom Egypt An Egyptian Joint Stock Company Resolutions of the Ordinary General Assembly Convened on Monday, March 31, 2008 at 12 p.m. Telecom Egypt announces the resolutions passed at its annual shareholdersmeeting as below, and attaches adjusted financial statements. http://www.rns-pdf.londonstockexchange.com/rns/2025r_-2008-3-31.pdf http://www.rns-pdf.londonstockexchange.com/rns/2025r_2-2008-3-31.pdf Resolution No. 1 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the Report of the Board of Directors of the Company regardingthe activities of the Company during the fiscal year ended on December 31, 2007. Resolution No. 2 The Ordinary General Assembly of Telecom Egypt, which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the Report of the Auditor of the financial statements of theCompany for the fiscal year ended on December 31, 2007. Resolution No. 3 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the financial statements of the Company for the fiscal yearended on December 31, 2007. Resolution No. 4 The Ordinary General Assembly of Telecom Egypt, which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the distribution of dividends for the fiscal year ended onDecember 31, 2007 in accordance with the following: In LE 1000 Net Profit of the Year 2,078,862 Profit carried over from the 494,282 Previous Year Amounts transferred from the --- Reserves Settlement of carried over Profit 125 2,573,269 To be distributed as Follows:Legal Reserve 103,943General Reserve --Shareholders' Share 1,707,072Employees' Share 189,675Board of Directors' Remuneration 3,000Profit carried over to the Next 569,579Year 2,573,269 Thereby, the dividend per share of the distribution of profits is LE 1.00 (OneEgyptian Pound) per share. Resolution No. 5 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the appointment of KPMG Hazem Hassan as the Auditor of theCompany in connection with the fiscal year ending on December 31, 2008 andincrease of his fees by 10% to be in the amount of LE 200,000 (Two HundredThousand Egyptian Pounds). Resolution No. 6 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the changes made to the Board of Directors during thepreceding period, whereby Mr. Ahmed Bahaa Eldin Fathy El Kassass, Chief of Staffof the Signal Corps, was appointed as a Board Member in Telecom Egypt's Board ofDirectors in replacement of Mr. Sayed Mohamed El Prince as of 1/9/2007 and until 11/8/2009 and whereby Mr. Amr Mohamed Elsayed Abdel Kader Hashem's resignedfrom the Board of Directors. Resolution No. 7 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the release of the members of the Board of Directors of theCompany from liability in connection with the activities of the Company duringthe fiscal year ended on December 31, 2007. Resolution No. 8 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the extension of the term of Eng. Sanaa Soliman Soliman, theVice President for Follow up and International Projects, for a period of oneyear as of June 14, 2008. Resolution No. 9 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the donations granted in connection with the fiscal year endedon December 31, 2007, amounting to LE 12,076,180.90 and unanimously authorizedthe Board of Directors to grant donations in respect of the fiscal year endingon December 31, 2008 up to the amount of LE 15,000,000 (Fifteen Million EgyptianPounds). Resolution No. 10 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, agreed to maintain the attendance allowances of the members of theBoard of Directors of the Company for the year 2008 as follows: • LE 1,000 attendance allowance; • LE 4,000 transportation allowance. Resolution No. 11 The Ordinary General Assembly of Telecom Egypt which convened on Monday, March31, 2008, by unanimous vote of the shareholders present and represented at theMeeting, approved the sale of the Company's shareholding in each of EgyNet andNileOnLine. *** Chairman and CEO Akil Hamed Beshir For further information: Investor Relations Contacts Ahmed Fathallah Director of Investments, Financial Planning & Investor Relations Telephone: +202 31316699 Fax: +202 31316115 Alia A. Allouba Investor Relations Manager Telephone: +202 31315217 Fax: +202 31316116 E-mail: investor.relations@telecomegypt.com.eg This information is provided by RNS The company news service from the London Stock Exchange