OGM Statement

29 Mar 2007 13:43

Telecom Egypt S.A.E29 March 2007 Telecom Egypt An Egyptian Joint Stock Company Minutes of the Ordinary General Assembly Convened on Thursday, March 29, 2007 at 12 p.m. Resolution No. 1 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the report of the Auditor regarding the financial statements of the Company for the fiscal year ended on December 31, 2006. Resolution No. 2 The Ordinary General Assembly of Telecom Egypt, which convened on Thursday,March 29, 2007, by unanimous vote of the shareholders present and represented atthe Meeting, approved the Report prepared and submitted by the Board ofDirectors of the Company regarding the activities of the Company during thefiscal year ended on December 31, 2006. Resolution No. 3 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the balance sheet and profit and loss statement of the Companyfor the fiscal year ended on December 31, 2006. Resolution No. 4 The Ordinary General Assembly of Telecom Egypt, which convened on Thursday,March 29, 2007, by a majority vote exceeding 80% of the votes of theshareholders present and represented at the Meeting, approved the distributionof dividends for the fiscal year ended on December 31, 2006 in accordance withthe following: Description Per LE 1000 Net Profit for the year 2,049,644Retained earnings brought forward from previous 527,842yearAmount Transferred From Reserves --Adjustment on retained earnings -- __________ 2,577,486 Distributed As Follows:Legal reserve 102,482General reserve 650,000Shareholders' dividends 1,194,950Employees' share in profit 132,772Board of Directors remunerations 3,000Retained earnings carried forward to the next year 494,281 __________ 2,577,486 Thereby, the dividend per share of the distribution of profits is LE 0.70(seventy Piasters) per share. Resolution No. 5 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, 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, 2007 inexchange for fees in the amount of LE 181,500. Resolution No. 6 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, 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, 2006. Resolution No. 7 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the appointment of Mr. Hassan El-Sayed Abdullah, ViceChairman and Managing Director of the Arab African International Bank, as amember of the Board of Directors of the Company, representing the Government, asa successor to Dr. Bahaa Eldin Helmy Ismail, as the former member of the Boardof Director representing the Government and who has deceased, and as approved bythe Prime Minister. Resolution No. 8 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the sale of 2% of the Middle East for Radio CommunicationsCompany to TE Data at the par value whereby the total share owned by the TelecomEgypt directly in the Middle East for Radio Communications Company would be 49%. Resolution No. 9 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the sale and transfer of ownership of the assets allocated toEgypt Net and owned by Telecom Egypt to TE Data as well as all clientconnections and such sale is for the amount of LE 27 million to be paid inannual instalments of 20% per annum. Resolution No. 10 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the extension of the term of Mr. Ali Gamal El Din AhmedAbdelaziz Salama, the Vice President for Financial Affairs, for a period of sixmonths as of January 12, 2007. Resolution No. 11 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved 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 July12, 2007. Resolution No. 12 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the donations granted in connection with the fiscal year endedon December 31, 2006, amounting to LE 9,804,000 and unanimously authorized theBoard of Directors to grant donations in respect of the fiscal year ending onDecember 31, 2007 up to the amount of LE 15,000,000 (fifteen million Egyptianpounds). Resolution No. 13 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, by unanimous vote of the shareholders present and represented at theMeeting, approved the addition of two real estate properties located at theMaadi Industrial Satellite Station with respective areas of 14,695 square metersand 7,121.87 square meters for a total area of 21,816.87 square meters and witha total price of LE 109,084,350 on the basis of a price per meter of LE 5,000and which are not itemized in the valuation of assets for the year 1998 asproperties owned by Telecom Egypt. Based thereon, the total area of the land onwhich the Maadi Industrial Satellite Station is constructed shall be 148,376.87square meters. Resolution No. 14 The Ordinary General Assembly of Telecom Egypt which convened on Thursday, March29, 2007, 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 2007 as it was in the previousyear as follows: • LE 1,500 attendance allowance; • LE 300 transportation allowance. *** Chairman and CEO Akil Hamed Beshir This information is provided by RNS The company news service from the London Stock Exchange