MNHD Madinet Masr For Housing and Development

TIDMMNHD

RNS Number : 1133H

Madinet Nasr for Housing & Develop.

22 March 2020

 
                   Madinet Nasr for Housing and Development (MNHD) 
                           An Egyptian Joint Stock Company 
            Summary of Resolutions of Shareholders Annual General Meeting 
                                      (AGM ) and 
              Extraordinary General Meeting (EGM) held on 10 March 2020 
 
                                First: AGM Resolutions 
          MNHD shareholders' AGM was held on Tuesday March 10, 2020 at 3:00 
         p.m. at the Company's Sales Center on the site of Taj City project; 
       Extension of Thawra Street- Opposite to the Entry of Cairo International 
                                Airport- Cairo, Egypt 
 
                  The following is a summary of the AGM resolutions: 
           1. Ratification of the BOD's report on the Company's operations 
          and their results for the fiscal year (FY) ended 31 December 2019 
         2. Ratification of the Independent Auditor's report on the financial 
           statements (FS) of the Company for the FY ended 31 December 2019 
               3. Approval of the FS for the FY ended 31 December 2019 
          4. Approval of the proposed dividends for the FY ended 31 December 
           2019; including cash dividend of EGP 648 million to shareholders 
           in two tranches (EGP 0.15/share) in one month and the second one 
           (EGP 0.30/share) in September 2020. Exact dates to be announced 
                            after coordination with MCDR. 
           5. Ratification of the BOD's report on application of corporate 
           governance rules according to the guide issued by the Financial 
                     Regulatory Authority by Decree (84) of 2016 
         6. Authorizing the BOD to allow donations in excess of one thousand 
                                Egyptian Pound in 2020 
           7. Appointment of the Independent Auditor and delegation of the 
          BOD to determine audit fees for the FY 2020 with a maximum of EGP 
                                       473,000. 
           8. Determine the allowances and transportation expenses for the 
                          members of the BOD for the FY 2020 
              9. Approve swap of a number of plots of land owned by MNHD 
          10. Authorizing the BOD to execute contracts with related parties. 
          11. Release of the Chairman and BOD of their responsibilities for 
             the FY 2019 and approving their paid bonuses and allowances 
 
                               Second: EGM Resolutions 
           The legal quorum for validity of MNHD shareholders' EGM was not 
           met. Accordingly, the meeting was not convened and postponed to 
                            a letter date to be announced. 
 
                            Chairman of the Board and AGM 
                              Eng. Mohamed Hazem Barakat 
 

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