UA-R-GC-1914-01-01-1984-02_Page-009

Board Minutes -8- February 22, 1984 less than 14.1 to 1 but is expected to grow to 17.0 to 1 in the next few years as anticipated by the Committee. There has been a marked increase in the number of graduate fellowships and assistantships. The aptitude test recommended by the Committee is currently in use and indications are that it will provide important admissions data and be used as a standard part of the admissions process. Space for some part-time faculty has been created. The following resolution was proposed by the Committee to the Board for adoption: RESOLVED that Administration and Faculty begin discussions on a preliminary basis of the most appropriate directions for the development of academic programs at the American University in Cairo and in so doing study the implications of enhancing current University offerings in language and literature, philosophy, arts, history, and biology. The resolution was approved. 15. Report ~ the LE Investment Committee: Mr. Wadsworth. Arab Aluminum - While the Board of Arab Aluminum approved in December the major points of the loan rescheduling agreements which the UEEF sent the company for review in November, management now claims that this approval did not extend to the legal documentation then submitted which it now indicates will be considered by the Board at a meeting called for in March. Arab Aluminum intends to repay the smaller of the two outstanding loans (LE 104,500) in 1984 in order to be able to distribute the dividend they announced in June, 1983. Chloride Egypt Co. - Because of improvements in the scrap rate, the continuing low cost of lead, and the normal upturn of business during the winter season, Chloride Egypt has improved its earnings substantially in the past quarter. The company is currently studying the feasibility of raising the plant's productive capacity to an annual rate of 550,000 batteries. Colgate-Palmolive (Egypt) - It appears that the company's operating loss will show an increase to approximately LE500,OOO during its latest year and there will therefore be little chance of its paying a dividend in the near future. However, the parent company is still committed to its investment and Cairo-Egypt is presently investigating the feasibility of launching new products particularly in the detergent line. Cairo Beverages - Cairo Beverages had improved performance in 1983. The second instalment of LE 75,000 on the Fund's loan was paid o