Resolutions of the Ordinary General Assembly

31 Mar 2009 14:56



Telecom Egypt

An Egyptian Joint Stock Company

Resolutions of the Ordinary General Assembly

Convened on Tuesday, March 31, 2009 at 12 p.m.

Resolution No. 1

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, 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, 2008.

Resolution No. 2

The Ordinary General Assembly of Telecom Egypt, which convened on Tuesday, March 31, 2009, by unanimous vote of the shareholders present and represented at the Meeting, approved the Report of the Auditor on the Financial Statements of the Company for the fiscal year ended on December 31, 2008. 

Resolution No. 3

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, 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, 2008.

Resolution No. 4

The Ordinary General Assembly of Telecom Egypt, which convened on Tuesday, March 31, 2009, 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, 2008 in accordance with the following: 

		In LE 1000
Net Profit of the Year		2,796,683
Profit Carried Over From The Previous Year		569,579
		3,366,262

To be distributed as Follows:
Legal Reserve		139,834
Shareholders' Share		2,219,193
Employees' Share		246,577
Board of Directors' Remuneration		4,000
Profit Carried Over To The Next Year		756,658
		3,366,262

Thereby, the dividend per share of the distribution of profits is 130 Piasters (One hundred and thirty Piasters) per share.

Resolution No. 5

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, 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, 2009 and increase of his fees by 10% to be in the amount of LE 220,000 (two hundred thousand Egyptian pounds).

Resolution No. 6

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, by unanimous vote of the shareholders present and represented at the Meeting, approved the release of the members of the Board of Directors of the Company from liability in connection with the activities of the Company during the fiscal year ended on December 31, 2008.

Resolution No. 7

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, by unanimous vote of the shareholders present and represented at the Meeting, approved the donations granted in connection with the fiscal year ended on December 31, 2008, amounting to LE 8,931,370.74 and unanimously authorized the Board of Directors to grant donations in respect of the fiscal year 2009 up to the amount of LE 100,000,000 (Hundred million Egyptian pounds).

Resolution No. 8

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, by unanimous vote of the shareholders present and represented at the Meeting, agreed to maintain the attendance allowances of the members of the Board of Directors of the Company for the fiscal year ended on December 31, 2009 same as the previous year as follows:

LE 1,000 attendance allowance;

LE 4,000 transportation allowance.

Resolution No. 9

The Ordinary General Assembly of Telecom Egypt which convened on Tuesday, March 31, 2009, by unanimous vote of the shareholders present and represented at the Meeting, approved the extension of the term of Mr. Abdel Hamid Mahmoud Hamdy, the Vice President for Human Resources, Legal and Administrative Affairs, for a period of one year as of August 4, 2009.

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Chairman and CEO

Akil Hamed Beshir

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