19 May 2014 07:00
TRANSLATION FROM ARABIC
Summary of Resolutions for the Annual General Meeting
EFG Hermes Holding S.A.E.
held on May 17th, 2014
Resolution no.1
The AGM approved the management report of the Board of Directors on the consolidated financial statements for the financial year ended 31/12/2013.
Resolution no.2
The AGM approved the financial auditor's report on the financial statements for the fiscal year ended 31/12/2013.
Resolution no.3
The AGM ratified the financial statements for the fiscal year ended 31/12/2013.
Resolution no.4
The AGM approved using the amount of EGP591,721,138 from the share premium reserve as shown in the standalone financial statements of year 2013 to cover retained losses; as follows:
Retained Earnings as of 31/12/2013* | 324,567,840 |
Net loss for the Year as of 31/12/2013* | (916,288,978) |
Total | (591,721,138) |
Share Premium Reserves as of 31/12/2013* | 3,289,103,899 |
Amount Suggested to be used from Share Premium Reserves | (591,721,138) |
Balance of Share Premium Reserves after suggested use | 2,697,382,761 |
Retained Earnings after suggested use | - |
*As shown on the stand-alone financial statements of 31/12/2013
Resolution no.5
The AGM approved the discharge of the Members of the Board from all liability with regard to the activities of fiscal year 2013 and ratified the changes occurred on the Board throughout the year, as follows:
· Resignation of Mr. Ramsay Zaki from the Board as of 1 May 2013
· Appointment of Mr. Karim Awad as an Executive Board Member as of 1 May 2013
· Resignation of Mr. Sanjeev Doshi from the Board as of 4 June 2013
· Resignation of Mr. Hassan Heikal from the Board as of 30 October 2013
· Changing the capacity of Mr. Takis Arapoglou from an Executive Board Member to a Non-Executive Board Member
Resolution no.6
The AGM approved the re-appointment of the Board of Directors, with some changes, due to the expiry of the current Board of Directors' legal term, to have the new Board of Directors, with a three years-term, as follows:
Name | Title | Executive/Non-Executive | |
1- | Ms. Mona Zulficar | Chairperson | Non-Executive |
2- | Mr. Yasser El Mallawany | Board Member and CEO | Executive |
3- | Mr. Charles McVeigh | Board Member | Non-Executive |
4- | Mr. Robert Eichfeld | Board Member | Non-Executive |
5- | Mr. Thomas Volpe | Board Member | Non-Executive |
6- | Mr. Joseph Iskander | Board Member (representing Dubai Financial Group) | Non-Executive |
7- | Mr. Takis Arapoglou | Board Member | Non-Executive |
8- | Mr. Karim Awad | Board Member and CEO | Executive |
9- | Mr. Ahmad Al Qassim
| Board Member (representing Dubai Financial Group) | Non-Executive |
10- | Mr. Marwan El Araby | Board Member | Non-Executive |
Resolution no.7
The AGM approved not to pay out the Board of Directors transportation and attendance allowances for the fiscal year 2014, whereby the Company shall bear all actual travel and accommodation expenses.
Resolution no.8
The AGM approved the re-appointment of the Company's financial auditors - Mr. Hassan Bassiouni of KPMG Hazem Hassan - for the fiscal year 2014 and delegate the Board of Directors to determine their fees.
Resolution no.9
The AGM authorized the Board to make donations in excess of EGP 1,000 during the fiscal year 2014; there were no donations made in the fiscal year 2013.
Resolution no.10
The new Egyptian Stock Exchange (EGX) Listing Rules was presented in the AGM; specifically Article no. (29) whereby shareholders were informed of their responsibility to disclose to EGX in the event of completing any transactions on the Company's share that represent 5%, or its multiples, of the Company's total outstanding shares. In addition to their responsibility to disclose to EGX in the event of diluting their ownership in the Company to less than 5%
For further information:
Investor Relations Contacts
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Email: investor-relations@efg-hermes.com
www.efg-hermes.com
Efg-hold.gdr S (EFGD)