Summary of decisions taken in the board of directors meeting No.8/2011
EGYTRANS board of director meeting was held on Sunday 7/8/2011 at 2 pm in Mohandiseen branch . The meeting was attended by: Mr. Hussam Leheta – Chairman &C EO Mr. Ahmed El Beheiry Executive member Ms. Abir Leheta – Executive member Mr. Hassan Atta – Non-executive member Mr. Said Abd El Gleel– Non-executive member representing the National Investment Bank Dr. Amr Kais – Expert and independent member Dr. Mohga Badran – Expert and independent member Mr. Mohamed Ibrahim Thabet – Non-executive member representing the National Investment Bank The secretary of the meeting was Ms. Rania Farouk.
The board members discussed the meeting agenda and decided the following: 1. Approve the Board of Directors Minutes of Meeting No. 7/2011 held on 11/5/2011. 2. Review the follow-up report of board recommendations and decisions taken last board meeting. 3. Review and approve the follow-up report issued by the Compensation and Nomination Committee concerning the recommendations and decisions taken in the committee meeting held on 2/8/2011 4. Review and approve the follow-up report issued by the Audit and Corporate Governance Committee concerning the recommendations and decisions taken in the committee meeting held on 31/7/2011 5. Discuss the report issued by the Audit and Corporate Governance Committee concerning financial statements and consolidated financial statements for Q2 2011. 6. Discuss and approve the financial statements and consolidated financial statements for Q2 2011 The Board members unanimously agreed on buying a new apartment to be the company branch for Cairo Airport The Board members unanimously agreed on buying the shares of Oversight Co. in Global Depot Solutions representing 25% of the company shares and increasing GDS issued and authorized capital from USD 1 Million to be USD 1,500,000 an increase of USD 500,000 The Board members unanimously agreed on changing the company accounting policy applied on 31/12/2010 concerning the evaluation of investments in EGYTRANS affiliates and subsidiaries to use the cost method instead of the ownership method After completing the agenda, the meeting ended at 4 pm.