Ordinary General Assembly ``OGA`` Meetings
|The General Assembly (GA) of the company is formed under the provisions of the Public Sector Enterprise Law and its executive regulation.|
|Ordinary General Assembly Meetings:
The Ordinary General Assembly shall convene at least twice annually; once 3 (three) months prior to the beginning of the fiscal year in order to deliberate the company budget, and once within 6 (six) months after the end of the fiscal year in order to deliberate the following issues:
1) The auditor’s report.
2) Approval of the Board of Directors’ report on the company activities and consideration of absolving the Board of Directors from liability for the period subject to the report.
3) Approval of the balance sheet, profit and loss statement and final accounts of the company.
4) Approval of distribution of profits.
5) Approval of election of the Chairman and members of the Board of Directors for a new turn.
6) Formation of the Board the Board of Directors.
7) Deliberating the reports of the Accountability State Authority (ASA) on the results of the audit of the company accounts and the assessment of the company performance taking the necessary decisions in regard to them.
8) All matters deemed necessary by the President of the General Assembly or the Chairman of the Board Directors to be included in the agenda.
|Publication of the notification of the Call to the General Assembly:
The notification of the call to the General Assembly Meeting shall be published twice on 2 (two) daily newspapers, provided that it shall be published for the second time 5 (five) days after the date of publication of the first notification.
|Upon the call to an ordinary or extra-ordinary meeting, the Ordinary General Assembly shall take charge of deliberating the following issues:
1) To discontinue the appropriation for the legal reserve if it reaches half of the company capital.
2) To make use of the statutory reserve for the benefit of the company or shareholders upon a proposal of the Board of Directors.
3) To dispose of the reserves and provisions for purposes other than what they are set aside for.
4) To approve issuing funding bonds or stocks on the basis of the collaterals resolved for the same.
5) To deliberate the resolutions and recommendations of the group of bondholders.
GA for Amending the EC's Articles of Association
|Extraordinary “GA” shall have the following authorities:|
Making amendment on the Company’s articles of association, taking into consideration no more liabilities on the shareholders, unless all of them accept. Any decision that may have negatively effect on shareholder’s rights shall become null and void.
It should specially consider the following amendments:
1- Increasing or decreasing the authorized or issued capital.
2- Adding any proposes integral or related or closed to the Company’s original objectives. The agreement on changing the original objective shall be only by an approval of the competent minster in applying the provisions of Public Enterprises laws.
3- Extension or shortening or dissolution of the Company before its period or changing the loss based on which the Extraordinary “AG” shall give notice to attend a meeting to consider liquidation or continuation of the Company.
Second: Approving to sale an asset or production line of the Company.
Third: an approval to divide the Company.
Fourth: reviewing in dissolution or continuation of the Company if its loss reaches to half of capital.
EC extraordinary General Assembly held in 29/05/2018
EC extraordinary General Assembly for the Year 2018
EC extraordinary General Assembly held in 30/09/2018
|Item||Date of meeting|
|1- OGA to get approval to the planned budget for the FY 2019/2020||During March/April, 2019|
|2- OGA to get approval to the Financial statements for the FY 2018 / 2019||During Sep, 2019|
|3- Extraordinary GA||In any time over the FY|