UA-R-GC-1914-01-01-1981-02-03_Page-002

D ) -2- c) The UEEF will sell to AIC's nominee (s): 1) UEEF's stock in Cairo Properties at paid-in par value plus a premium of 41 %, and 2) the Zamalek sites at a premium of 45% over carry-ing cost, net of all taxes. The Committee noted that option (c) will be more financially attractive to AIC than option (b). It must therefore be ex­pected that AIC will elect option (a) or (c) when they return to Cairo on February 23rd, 1981, for further negotiations. 4. Zamalek 1 Site: Mr. Snaith informed the Committee that an offer had been received for purchase of the site at a cost of $1,225 per M(2). It was resolved to take no further action on this offer until after the next round of negotiations with AIC. 5. Pioneer Hibred International (PHI): The Committee reviewed the proposed investment by UEEF in a joint venture to be established in Egypt by PHI. It was resolved that Mr. Snaith should be authorized to proceed with this investment only if the principal conditions stipulated in his Memorandum to the Committee dated 30th December, 1981, could be met. 6. LE 350,000 Loan from Egyptian American Bank (EAB): The Committee ratified the arrangements under which in December, 1980, the UEEF borrowed LE 350,000 for 5 years from EAB at at interest rate of 12% p.a. (floating). The loan funds received have been used to repay to the Trustees an equivalent amount of AID No. 2476 Grant funds previously advanced to the UEEF. 7. Partner's Indemnities: The Committee reviewed and approved the text of indemnity agree