UA-R-GC-1914-01-01-1981-10-21_Page-001

MINUTES OF THE LE INVESTMENT COMMITTEF MEETING HELD AT THE RIVERSIDE CLUB ON WEDNESDAY, OCTOBER 21, 1981 1. UEEF Financials for 1980/81 The Committee reviewed the management finan­cials for fiscal 1980/81. It was noted that Egyptian ' Pound income may be increased by approximately LE 110,000 if a Memorandum of Understanding is signed between the UEEF and Cairo Beverages and Industrial Co. S.A.E., and Cairo Beverages keeps its interest payments current on the UEEF's loans. The provision for uncollectible interest will be released upon re­ceipt of the delinquent interest. 2. UEEF Budget for 1981/82 The Committee reviewed and approved the budget submitted for fiscal 1981/82. 3. Sale of "Zamalek 1" Site In view of the fact that forthcoming sale ' of the "Zamalek 1" site will result in a large tax­able profit being recorded in the UEEF's accounts, the Committee authorised Mr. Snaith to explore the feasibility of reducing taxable income by any of the following courses of action :- (a) sale of Arab Aluminum and/or Cairo Beverages shares and/or loans at a substantial loss against book value with a "call" option on the part of the UEEF to reacquire such shares and/ or loans at a modest premium over disposal prices(s)