UA-R-GC-1914-01-01-1985-03_Page-007

Board of Trustees -7- March 14, 1985 more than 900 middle-level managers. In addition, 8 special seminars were offered to 242 top level managers, and two very successful Presidential Programs attracted 71 chief exective officers. Other than GOFI, 10 large contract programs were offered for the Ministry of Defense, the National Sugar Company, and Swisspharma. In addition to the GOFI program, the total program off~rings in the Center were 29 with revenues exceeding $620,000. 10. Report of the LE Investment Committee: Mr. Hyde. Colgate-Palmolive (Egypt) - Based on a successful meeting with representatives of Colgate-Palmolive in New York, outlook for this investment looks good and it was decided to maintain the UEEF's present position. Arab Aluminum - The performance of Arab Aluminum has improved. Preliminary unaudited financials are showing a net profit before tax of LE981,OOO for 1984. Chloride Egypt Co. - Due to failure to obtain import controls Chloride has been forced to defer its planned expansion of production capacity. Because of low sales in the first three quarters of 1984 and despite considerably improved sales in the fourth quarter, the company incurred a net loss of LE825,000. Chloride is currently hoping that its profit and loss account will be saved by the traditionally strong selling season from January to March. Zamalek-l - There were no developments to report. Zamalek-~ - A number of possibilities were examined which would allow the University to build a dormitory on the Z-2 site. Based on advice from the Fund's lawyers Kosheri & Rashed, it has been decided that the Fund would lease the land to the AUC as a vacant lot for 49 years, including permission to build on the land, for a nominal sum. Cairo Beverages - The performance of Cairo Beverages in 1984 has not yet been released. The Company has released a revised set of audited financials for 1983 showing a net loss for that year of LE7.94 million. The loan payments have been made on schedule. The total value of UEEF investments, including land, is LE9.5 million of which LE3.5 to LE4.0 is in equity and loans and LE3.0 million is in cash. The net return after taxes is about 10% of the cash hOldings. Because there are funds available the Committee will be evaluating various opportunities for investment