UA-R-GC-1914-01-01-1984-11_Page-007

• • Board of Trustees -6- November 8, 1984 Division of Management Development - The number of short-term training programs in the DMD have increased from 47 to 53. Revenues from the GOF! program are expected to be $1,200,000. $332,000 in revenue will be returned to the University after all direct and in­direct costs have been covered. 13. Report of the LE Investment Committee: Mr. Hyde. Chloride Egypt Co. - Mr. Snaith reported that the shareholders ap­proved a 10% diVIdend on the profit reported for 1982/83. This means that the UEEF will receive a dividend of LE90,000 as soon as all the bureaucratic formalities have been completed. The company continues to suffer because of the high volume of imports. The first phase of plant expansion intended to increase rate output to 500,000 units should be completed this winter. Zamalek-l - The UEEF has received 80% of the proceeds from the sale of Z-l. The remaining 20% will be received when title is finally cleared. Much of that will be used to cover the tax liabilities re­lated to the land sale. Zamalek-2 - There is no capital gains tax in Egypt. Where taxable, capital gains are taxed at the same rate as all other forms of cor­porate income. However, there may be a tax liability on the transfer of this site to the University for the new dormitory. There was some discussion of leasing the Z-2 site to the University or seeking an exemption from taxation. Colgate-Palmolive (Egypt) - Colgate continues to perform poorly and there was discussion about ways in which the UEEF's equity investment might be recovered. Arab Aluminum - The performance of Arab Aluminum has improved. The management financials received from them for the first half of 1984 showed surprisingly good results in view of the continuing depression in the Egyptian construction industry and a total absence of any volume assistance from export sales. Cairo Beverages - The loan installment of LE75,000 plus related in­terest was settled in mid-July in accordance with the rescheduling agreement of April 1, 1983. LE22S,000 of the LE900,000 loan has now been repaid, giving a current outstanding balance of LE67S,000. New Investment: Luxor Hotel: The consideration of investment in a Luxor hotel complex has been dropped