UA-R-GC-1914-01-01-1985-05_Page-033

• • May 14, 1985 River Club MINUTES LE INVESTMENT COMMITTEE THE BOARD OF TRUSTEES AMERICAN UNIVERSITY IN CAIRO (Draft: OS/29/85) Tuesday 12:30 PM Attending: Mr. Hyde (Chairman), Mr. McCloy, Dr. Pedersen, Mr. Snaith, Dr. Lamont, Mr. Wadsworth 1. The agenda was adopted. 2. The minutes of the March meeting were approved. 3. The investment proposal in Legrand Egypt S.A.E. was discussed. The UEEF has under consideration an investment of LE 450,000, representing a 30% share in the company. The Committee felt that before any decision is made, Mr. Snaith, or a member of the LE Investment Committee should visit the parent firm to determine the following: a. That Legrand Egypt's intention is to make a profit. b. Who their leading competitors are. c. Who are the non-parent company investors. d. The minimum rate of return the UEEF can expect to receive in its investment. 4. Report on Fustat: Mr. McCloy reported that he has been advised that a letter has been drawn up for the signature of the Minister of Housing and Reconstruction to be sent to the Al Maadi Company saying that the Al Maadi Company is permitted to transfer title of the land in question to the Fustat/Gryphus Company. The understanding is that the Gryphus Company would then transfer title on specific plots to anyone who would use the land for purposes which would bring a betterment to the Cairo community. The Al Maadi Company will want a downpayment. The law firm of Saba Habachy is reported to be reviewing the letter. It was the general understanding that in return for approximately 50 acres of land AUC would be expected: a. to make a modest investment (LE 100,000). LE Investment Committee -1- May 14, 198