Shareholders await The Egyptian Stock ExchangeGeneral meeting of 13 companies this week, most notably Abu Dhabi Islamic Bank, Porto Group, CI Capital The Holding Company for Financial Investments, GB Auto, United Housing and Development, Emerald Real Estate Investment, the settlement of the Misr Hotels Company dispute, and the distribution of profits for the Saba International Company for Medicines and Chemical Industries.
The first events of the stock exchange start today, Saturday, with the holding of the extraordinary general assembly of the Egyptian Company for Modern Education Systems, to discuss the amendment of articles (4-6-7-26-46) of the company’s articles of association, and on the next day the ordinary general assembly of the Emerald Real Estate Investment Company will convene, To discuss the proposal of the Board of Directors regarding the distribution of profits for the year 2020, and to consider the election of members of the Board of Directors for a new term starting from 2021 and continuing for a period of 3 years, and the Assembly will also consider the chairmanship of the Board of Directors, the Vice-Chairman of the Board and the CEO or the Managing Director or members of the Board of Directors, membership of the Board Management or executive or non-executive positions in a group of related companies or others that operate in the same activity or activities that are complementary to the group of the company or others.
The general assembly of the Emerald Real Estate Investment Company is discussing the ratification of the report of the Board of Directors on the company’s activities, and the approval of the financial statements of the company for 2020, and the Assembly also discusses the authorization of the Board of Directors to conclude netting contracts, contracts and transactions with related parties during 2021, and on the same day the right to free distribution of the company expires. Saba International Company for Pharmaceuticals and Chemical Industries (0.1428571428 free shares for each original share) for the purchasers of the share until the end of the trading session on Sunday, and in the same context expires on Monday, March 22, the right to cash distribution to Obour Land Food Industries, at a value of 0.6 pounds per share.
On Tuesday, March 23, the general assembly of 5 companies will be held, namely, Abu Dhabi Islamic Bank, Arab Engineering Industries, Egyptians for Housing, Development and Reconstruction, Al-Tawfiq Financial Leasing-ATLess, Porto Holding Group, and the first discusses increasing the authorized capital of 4 billion pounds. Up to 7 billion pounds, and amending Article 6 of the bank’s statute to reflect this increase. We also consider adopting the board of directors ’report on the bank’s business results during 2020, the governance report and the auditor for the same period, and approving the budget, income statement and financial statements for 2020.
The general assembly of the Arab Company for Engineering Industries is discussing the approval of the financial statements for the year 2020, the ratification of the report of the company’s auditor and the board of directors on the company’s activities for the year 2020, and the general assembly of the Egyptian Housing Development and Construction Company is considering amending Articles 6 and 7 of the company’s articles of association on the occasion of increasing the issued company’s capital by issuing shares Free of charge financing from the retained earnings, subject to the approval of the company’s ordinary general assembly, and the general assembly of Al-Tawfiq Financial Leasing Company – ATLis considered, it is proposed to distribute profits to shareholders of 100% of the distributable profits after deducting other distributions, in the form of a cash coupon of 0.2 Pounds per share.
The general assemblies will conclude on Tuesday, with the general assembly of the Porto Holding Group (Porto Group), to discuss a proposal to change the name of the company in line with the company’s future plans and aspirations for growth and development, the election of the Board of Directors for a next 3-year term, the approval of the financial statements and the report of the Board of Directors for 2020.
On Wednesday, March 24, the Ordinary General Assembly of CI Capital Holding for Financial Investments will be held to discuss the certification of the financial statements and the draft dividend distribution list for 2020 at 10 piasters per share. The Ordinary General Assembly of Alexandria Medical Services – New Medical Center – will consider approving the approval Contracts concluded between the company and related parties and the authorization of the Board of Directors to conclude netting contracts with subsidiary companies, and the Assembly will discuss increasing the company’s authorized capital from 200 million pounds to 450 million pounds, increasing the issued capital from 114.19 million pounds to 200 million pounds in cash from the old shareholders with an increase An amount of 85.8 million pounds through the lawsuit of the old shareholders to subscribe to the increase shares, each according to his contribution, provided that the subscription price for the increase shares is the nominal value of the share 8 pounds in addition to 15 piasters for the issuance expenses of one share.
The general assembly of Alexandria Medical Services will also consider approving that the increase shares have the same rights as the original shares in dividends for the past year and are restricted to the same issue, as well as discussing the trading of the subscription right separately from the original share when approving a cash increase for the issued capital with the realization of priority rights And it will also discuss approval of the purpose of increasing the issued capital of the company to cover part of the costs of the hospital development plans, which need to implement a number of projects, in light of the study submitted by Tawasul Holdings for Financial Investments.
The agenda also included a discussion of approval to open the door for subscription to the increase for a period of 30 days, and in the event of non-coverage during that period, the Chairman of the Board of Directors was authorized to re-open the door for subscription for a period of 7 days, provided that the subscription would be carried out through one of the banks licensed to practice the activity of custodians. The general assembly will consider that the company is managed by a board of directors consisting of 7 members in addition to 2 members with experience, provided that among the members of the board there is always a female member and appointed by the general assembly with the amendment of Article 20 of the company’s articles of association, and the amendment of Article 22 to include the content of the limit The maximum number of the board of directors with 9 members while the target of the material continues to be in its existing status, as well as considering that the company’s board of directors meet at least 12 times during one fiscal year and it is not permissible for a full 3 months to elapse without the board meeting with the amendment of Article 25 of the articles of association of the company.
On Thursday, March 25th, the general assembly of 4 companies will be held, namely GB Auto, Arab Valves, United Housing and Development, and PharoTech for control and communication systems. The first is considering the approval of the Board of Directors report and the financial statements for the past year, and the approval of the Board of Directors’s proposal regarding the list of dividend distributions from Last year, the board was discharged from the period, and the proposal of the board of directors included distributing 273.5 million pounds to shareholders by a coupon of 25 piasters per share. Approval of the formation of the board of directors and its amendments and specifying its terms of reference will also be discussed, and the issuance of joint guarantees in favor of sister and subsidiary companies will be discussed.
The second company considers the report of the board of directors and the financial statements for the past year, the proposed profit distribution account for the year 2020, the release of the board of directors for the period, the amendment of Article (4) of the company’s articles of association, and the amendment of the headquarters of the Arab valves, and the third company considers approving the proposed distribution account for For the fiscal year ending December 31, 2020, the Board of Directors report on the company’s activity and business results, the governance report, the auditors ’report and the approval of the independent and consolidated financial statements for the year ending December 31, 2021 will be discussed, and members of the Board of Directors will be elected for a new term.
The General Assembly of Varotech Control and Communication Systems is discussing the restructuring of the board of directors, and the distribution of profits for the year 2020, the ratification of the balance sheet, final accounts and the report of the company’s board of directors for the year 2020.
The week concludes with the ruling in the Misr Hotels Company appeal in the government guarantee case, after appeals 17303 and 17456 for the year 124 BC were appealed by the Ministry of Finance with Appeal No. 22966 for the year 89, clearing the company’s liability for an amount of LE 263 million, excluding bank interest.