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Arab Financial Investment : Telecom Egypt : shareholders approve dividends in OGM

03/24/2015 | 11:01pm US/Eastern

Arab Finance: Telecom Egypt (TE) (ETEL) announced that the Company's shareholders approved all of the items on the agenda at today's ordinary General Assembly Meeting.

Shareholders present and represented in the meeting approved the Board of Directors' Report regarding the Company's activities during the Financial Year ended on December 31st, 2014.

The Ordinary General Assembly of Telecom Egypt by unanimous vote of the Shareholders present and represented in the Meeting approved the Auditors' Report on the Company's Financial Statements for the Financial Year ended on December 31st, 2014.

Telecom Egypt shareholders approved the Company's Financial Statements for the Financial Year ended on December 31st, 2014.

The Ordinary General Assembly of Telecom Egypt held on Wednesday, 25th of March 2015, by majority vote of the Shareholders present and represented in the Meeting, approved the renewal of the appointment of Hazem Hassan KPMG as the Auditor of the Company for the Financial Year ending on 31st December 2015.

Telecom Egypt shareholders approved the discharge of the current Chairman and members of the Board of Directors of Telecom Egypt from liability in connection with their activities in the Company during the Financial Year ended on December 31st, 2014.

Shareholders approved interim dividends under the account of profits for the Financial Year 2014 per share LE0.36 (0.05 US Dollars), in addition to a second proposed dividend of 0.20 EGB, With total dividends for the Financial Year ending December 31, 2014 shall be 0.56 LE (56 piasters).

The Board of Directors of the company was authorized to take necessary actions to dispose-off and sell the land plot of the Training Institute in Madinet Nasr an area of 4323.33 square meters from the company's books. In which, its legal title had been transferred to The National Telecommunication Regulatory Authority (NTRA). 

Shareholders approved fixed assets disposals of the company's land plots as follows: To dispose-off all lands acquired and added before 1998 by an amount of LE4.8 Million, In addition to, according to what had been noted in the Company's fixed assets register, there is a land duplicated by an amount of EGP 10,257,000 and need to be eliminated from the company's accounting book.

(c) 2015 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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