Investment Gazette

General Authority for
Investment & Free Zones
Investment Gazette
A Periodical Bulletin issued by General Authority for
General Authority for
Investment Gazette
A Periodical Bulletin issued by General Authority for
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Twentieth Year – Issue No. (30584)

Jumada I, 1435 AH- March 23rd, 2014 A.D.
Investment Gazette – Twentieth Year – Issue (30584/2014) – March 23rd, 2014 (2)
The General Authority for Investment & Free
Zones (GAFI)
Investment Gazette
Pick up your Copy at
96 Ahmed Orabi St., Mohandseen, 9th Floor
Tel: 0233051603
Working Hours: 8 am: 4 pm
(Weekly Holidays: Fridays and Saturdays)
Contents
Serial Content Page
1 Proventures Consulting & Solutions 5
2 Pacific Properties 21
INCORPORATION CERTIFICATE
Of
PACIFIC PROPERTIES, LLC.
Decree No. 454- 10/02/2014
Having reviewed:
 The Constitution;
 Trade Act;
 Civil Code;
 Law No. 34 of 1976 on Commercial Registry and its Executive Regulations;
 Law concerning the Joint-Stock Companies, Companies Limited by Shares and
Limited Liability Companies, promulgated by Law No.159 of 1981 and its
Executive Regulations ;
 The Capital Market Law, promulgated by Law No. 95 of 1992 and its Executive
Regulations;
 Presidential Decree No. 284 of 1997, promulgated by President of the Arab

Republic of Egypt on the establishment of the General Authority for Investment
& Free Zones, amended by Decree No. 316 of 2004;
 Resolution No. 2713 issued on April 27, 2005, by Head of the Authority to
mandate some powers;
 The Prime Minister’s Decree No. 1153 of 2013 on the appointment of Dr. Hassan
Fahmi Mohammed Ahmed Hassan as the GAFI’s head;
This to certify that GAFI has finalized the incorporation of Pacific Properties, Egyptian
Limited Liability Company (LLC) as per the provisions of the Law concerning the Joint
Stock Companies, Partnerships Limited by Shares, and Limited Liability Companies
(Law No. 159 of 1981 and Executive Regulations thereof). The Company’s detailed data
is as follows:
First: Corporate Name: Pacific Properties, LLC.
Second: Corporate Capital:
The Company’s share capital shall be L.E. 100,000 (One-Hundred Thousand Egyptian
pounds), being distributed onto 1,000 shares, each of which is valued to LE 100 (One-
Hundred Egyptian pounds). The ratio of Egyptian shareholdings is 4%. The Company’s
share capital is paid up in full at the Commercial International Bank (CIB), Sun City
Mall’s Branch, that which is distributed as follows:
Number of At-par Value in Shareholding

S Name& Nationality of the Shareholder
Monetary Shares L.E. Ratio
Swift Group For Int’l Transport, SAE,
1 40 4,000 40
Egypt
Pacific International Lines (Private) ltd.,
2 750 75,000 75%
Singapore
Abdul-Hamid Bin Mohammed Abdul-
3 210 21,000 21%
Hamid Bukhari, Saudi Arabia
Total 1,000 100,000 100%
Third: Corporate Object:
- Real estate investments, such as selling, purchasing, letting and re-letting and
zoning land, as well as furnishing it with the necessary facilities (e.g., electricity,
water, sanitation, water sewage, and roads), constructing properties by all its
types, be they residential, administrative, or commercial; and managing real
estates;
- Real estate marketing;
The Company shall abide by the provisions of the Prime Minister’s Decree No. 350 of
2007 and the Presidential Decree No. 356 of 2008, whilst complying with the effective
provisions of laws, regulations, resolutions and decrees provided that it obtains all the
necessary licenses and permits to run businesses.
Fourth: Company’s Registered Office is headquartered at 2 Abdel-Hamid Badawy St.’s

Extension, Sheraton Bldgs., El-Nozha, Cairo.
Business Activity Territory: In all the Republic of Egypt (with the exclusion of the North &
South of Sinai, East Qantara); the Company shall obtain the Authority’s prior approval
subject to the Prime Minister’s Decree No. 350 of 2007 and Presidential Decree No. 356 of
2008.
Fifth: The Company’s management shall be assumed by:
(1) Mr. MOHAMMED AMR YAKAN AMIN MERHREZ; Citizenship: Egypt;

Domiciling at: 5 Khaled ibn Al-Walid St., Sheraton; Heliopolis; El-Nozha; Cairo;
(2) Mr. URS MOLL; Citizenship: Switzerland; Domiciling at: Switzerland;
Both Managers shall tenure their offices sine die.
Sixth: Corporate Term: It is twenty-five years commencing as of being acquired the

artificial personality.
Seventh: Signatory and Managerial Right: Both Managers shall represent the Company in
its corporate relations with third parties. They shall jointly and severally have in this
respect the full powers to run the Company and strike transactions in its name, save the
rights, being expressly provided for in the Company’s Memorandum of Association, the
Law and its Executive Regulations, vis-à-vis the General Assembly.
The two Directors shall be entitled to jointly or severally act in the name of the
Company, and within its own objects before the governmental and non-governmental
entities and authorities, public and enterprises sectors and private sector in all its forms.
They shall be entitled to act in the name of the Company and within its own objects
before all banks in withdrawing, depositing, signing on checks, opening and closing
accounts, requesting the issuance of letters of guarantee and guarantee certificates, and
all forms of banking transactions. They shall be entitled to appoint and dismiss the
Company’s employees and agents; to estimate their remunerations, salaries, and fares.
They shall have the right to receive and disburse payments, sign on, transfer, sell and
reimburse all promissory and commercial notes; to execute all agreements, charters, and
transactions pertaining to the Company’s dealings in cash, and on credit. They shall be
entitled to authorize and deputize third parties and give powers of attorneys thereto to
act in all or some whereof.
Mr. URS MOLL shall be solely entitled to sign on the agreements of mortgage, and sale
of the Company’s assets in the name of the Company and for its benefit. He shall be
entitled to authorize and deputize third parties and give powers of attorney thereto to
act in all or some whereof.
The Partners have authorized and have given powers of attorney unto Mr. Mohammed
Abdel-Aziz Abdullah Riyad (the “Company’s Attorney) to act as their agent in order to
have the Company incorporated and the necessary actions therefor finalized. The
Memorandum of Association has been attested by the Investment Authentication Office
on 10/02/2014 pursuant to the Attestation Procès-verbal No. 729 of 2014.
 Should unfavorable security information vis-à-vis any non-Egyptian partner or

manger have been reported by the competent security authorities, the Company shall
replace or exclude them irrespective of the implications.
 The Company shall perform its business within one year as from the date, whereat
the Company had been entered at the Commercial Registry. Upon the Company’s
default of performing this Obligation, the Authority will take the procedures of revoking
the Company’s Certificate of Incorporation.
 The Company shall submit the title deed of the Project’s site, which shall be in the
name of the Company within one year as from the date, whereat the Company had been
entered at the Commercial Registry. Upon the Company’s default of performing this
Obligation, the authority will take the procedures of revoking the Company’s Certificate
of Incorporation.
 Such Certificate shall spell out the granting of the artificial personality to the
Company upon its entry at the Commercial Registry. No right to be reserved by the
Company to run its business object shall be entailed by this Certificate, except upon
obtainment of the permits prerequisite for running the business from the competent
authorities.
Dr. Hassan Fahmi Mohammed
Head of the GAFI
MEMORANDUM OF ASSOCIATION
Of
Pacific Properties, LLC
A Limited Liability Company incorporated
as per the Provisions of Law No. 159 of 1981
‫ــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــــ‬
This MEMORANDUM OF ASSOCIATION (the “Memorandum”) is made and entered into

in Cairo this Sunday, dated 09/02/214, by and between:
Date of
S Name Nationality ID Domicile
Birth
1 Swift Group For 166 Al-Hejaz St.,

Egypt
Int’l Transport, SAE, Heliopolis, Cairo
2 Pacific International Lines (Private)
Singapore Singapore
ltd.,
3 Abdul-Hamid Bin Mohammed Passport
Saudi Arabia 31/10/1932 Saudi Arabia
Abdul-Hamid Bukhari No. J946693
Preamble
The Signatories hereon do hereby represent and warrant that they are sufficiently
competent to have this Company incorporated, and that there are no precedent judicial
sentences for which they had been convicted of a crime/felony, which involves a breach
honor or public trust, or of any penalty as being provided for in Articles No. 89, 162, 163
& 164 of Law No. 159 of 1981 within five years prior to having applied for the
Company’s incorporation – unless having been rehabilitated. They do hereby declare
that they are not working for the State, the public sectors or the public enterprise sector.
They have mutually agreed to incorporate an Egyptian limited liability company after
suing out its license from the Government of the Arab republic of Egypt, in pursuance of
the provisions of the in-force laws; specifically, the Law concerning the Joint-Stock
Companies, Companies Limited by Shares and Limited Liability Companies,
promulgated by Law No.159 of 1981 and its Executive Regulations and the provisions of
this Memorandum.
The Signatories hereon do hereby represent and warrant that they have observed all the
rules being prescribed and provided for in the abovementioned laws concerning the
incorporation of this Company in compliance with the following terms and conditions:
Article (1)
Corporate Name: Pacific Properties, LLC;
Article (2)
Corporate Object:
- Real estate investments, such as selling, purchasing, letting and re-letting and
zoning land, as well as furnishing it with the necessary facilities (e.g., electricity,
water, sanitation, water sewage, and roads), constructing properties by all its
types, be they residential, administrative, or commercial; and managing real
estates;
- Real estate marketing;
The Company shall abide by the provisions of the Prime Minister’s Decree No. 350 of
2007 and the Presidential Decree No. 356 of 2008, whilst complying with the effective
provisions of laws, regulations, resolutions and decrees provided that the Company
would sue out all the necessary licenses and permits to run businesses.
The Company may be interested in being a stakeholder in or a partner under

whatsoever form to other companies that run the same businesses or that may
collaborate therewith in achieving its object in Egypt or abroad. The Company may
merge with the previously incorporated entities, purchase same, or affiliate them thereto
as per the provisions of Law and relevant executive regulations.
Article (3)
The Company’s Term shall be twenty-five years commencing as from as from the date
whereat the Company is being acquired the artificial personality. Such Term shall be
extendable and reducible after having taken the necessary actions as per the provisions
of this Memorandum and of the Companies Law No. 159 of 1981 and its Executive
Regulations.
Article (4)
The Company’s Head Office is headquartered at2 Abdel-Hamid Badawy St.’s Extension,
Sheraton Bldgs., El-Nozha, Cairo.
Business Activity Territory: In all the Republic of Egypt (with the exclusion of the North &
South of Sinai, East Qantara); the Company shall obtain the Authority’s prior approval
subject to the Prime Minister’s Decree No. 350 of 2007 and Presidential Decree No. 356 of
2008.
The Company’s Managers may decide on the translocation of the Company’s Head
Office to any other place within the same city, and may decide on the establishment of
other branches, offices, or agencies in the Arab Republic of Egypt or abroad. The
Company may decide on the translocation of the Company’s Head Office to any other
city, within the territory of the Arab Republic of Egypt (excluding: North or South of
Sinai, and East Qantara) conditional on the approval of the Partners’ Extraordinary
General Assembly. The Company shall obtain the Authority’s prior approval in this
respect.
Article (5)
The Company’s share capital shall be L.E. 100,000 (One-Hundred Thousand Egyptian
pounds), being distributed onto 1,000 shares, each of which is valued to LE 100 (One-
Hundred Egyptian pounds). The monetary shares are numbered to be 1,000 (One-
Thousand). These shares have been distributed among the Partners as follows:
Number of At-par Value in Shareholding

S Name& Nationality of the Shareholder
Monetary Shares L.E. Ratio
Swift Group For Int’l Transport, SAE,
1 40 4,000 40
Egypt
Pacific International Lines (Private) ltd.,
2 750 75,000 75%
Singapore
Abdul-Hamid Bin Mohammed Abdul-
3 210 21,000 21%
Hamid Bukhari, Saudi Arabia
Total 1,000 100,000 100%
Article (6)
The Company’s authorized capital shall be L.E. 50,000,000 (Fifty million Egyptian
pounds) and the Company issued capital shall be L.E. 10,000,000 (Ten million Egyptian
pounds) distributed into 100.0000 (One hundred thousand) shares, each of L.E. 100 (One
hundred Egyptian pounds) value.
Article (7)
The company capital shall consist of 100,000 nominal shares. The founders and
subscribers have subscribed 100,000 shares, of L.E. 10,000,000 thereto.
The founders and subscribers have deposited 10% out of the at-par value of the shares
upon subscription at the Investment Branch affiliated to Alexandria Bank which is
licensed to receive subscriptions. The deposited amount shall be increased to 25% within
a maximum of three months as from the date the company is registered in the
Commercial Registry. The Company shall notify the General authority for Investment
and Free Zones by virtue of a bank certificate evidencing such data. The shares are
distributed among the founders and subscribers as follows:
Monetary At-par Value Payment
S Name Nationality Capacity
Share No. (L.E.) Currency
Doimo International
1 Italian Founder 1 100 L.E.
Group S.R.L
Doimo International
2 Italian Subscriber 50999 5099900 L.E.
Group S.R.L
Mohamed Salah-Eddine
3 Egyptian Founder 1 100 L.E.
Abdel-Aziz Abdel-Aziz
4 Egyptian Subscriber 24499 2449900 L.E.
5 Tarek Issa Taha Khedr Egyptian Founder 1 100 L.E.
6 Tarek Issa Taha Khedr Egyptian Subscriber 24499 2449900 L.E.
Total 100000 10000000 L.E.
Article (8)
The signatories hereto represent to take all necessary procedures to complete the
incorporation of the company according to the provisions of the Egyptian Law. They
have authorized Mr. Tharwat Girgis Abdel-Shaheed, Mr. Nabil Mikhael Rezk-Allah, Mr.
Mohamed Salah-Eddine Anwar, and Mr. Mohamed Abdel-Khalek Hamed Qutb (the
founders' proxy) domiciled at 20B Adly St., Downtown, Cairo, to pursue the procedures
of incorporation, notarization, publication of the company and registering the company
in the Commercial Registry. They have also authorized him to take all legal actions, fill
in all necessary forms, and make any amendments to the Memorandum or the
Company's Articles of Association annexed hereto as the concerned authorities may
deem necessary. The proxy shall deliver all such documents to the company's board of
directors and invite the statutory meeting to convene within a maximum of a month
from the date the company is registered in the Commercial Registry to discuss the
agenda which he shall prepare for that purpose according to the provisions of law.
Article (9)
All fees, expenses, wages and cost of incorporating the company shall be deducted from
the general expenses account
Article (10)
This Memorandum has been executed in Cairo in 6 counterparts, one counterpart for
each party hereto.
THE ARTICLES OF ASSOCIATION (THE
STATUTE)
Of
Doimo Egypt for Contracting S.A.E
Article (1)
The company has been incorporated according to Egyptian applicable laws, particularly:
Law of the Joint Stock companies, Companies limited by shares and Limited liability
companies, promulgated by Law No.159 of the year 1981 and its Executive Regulations ;
the Investment Incentives and Guarantees Law promulgated by Law No.8 of the year
1997; with due regard to the provisions of the Capital Market Law promulgated by Law
95 of 1992 and its Executive Regulations and the following Statute which includes the
following conditions
Article (2)
The name of the company is Doimo Egypt for Contracting S.A.E. (A joint stock
Company under Egyptian law)
Article (3)
Object: performing all contracting works, design, construction, decors in hotels, tourist
villages and resorts, and real-estate properties.
- Provide consultancy (excluding all market securities, legal consultancy,

valuation studies to increase capital, acquisition, securities of shortlisted
companies as per article (27) of capital market law No. 27 and relevant
Executive Regulations).
- Trading in furniture (home, hotel & office) and relevant activities.
The company shall abide by the effective provisions of laws, regulations and resolutions
provided to obtain all necessary licenses and permits to run businesses.
The Company may be interested in being a stakeholder in or a partner under

whatsoever form to other companies that run the same activities or that may collaborate
therewith in achieving its purpose in Egypt or abroad. The Company may merge with
the foregoing entities, purchasing, or affiliating thereto as per provisions of Law and
relevant executive regulations.
Article (4)
The Company’s registered office is located at: Al-Tayaran Str., Bldg No. 84, 5th FLR, Apt
No. 503, Nasr city, Cairo.
Business Activity Territory: In all the Republic of Egypt (excluding: North & South of
Sinai, East Qantara). The Company shall obtain the Authority’s approval subject to
Ministerial Decree No. 350/2007 and Presidential Decree No. 356/2008.
The board of directors may establish another branches, offices, or agencies in the Arab
Republic of Egypt or abroad (excluding: South of Sinai, East Qantara). The Company
shall obtain the Authority’s approval to open thereto.
Article (5)
The company’s duration shall be twenty- five years commencing on the date of
registering the company in the commercial Registry. Any extension of the company’s
duration must be approved by the general assembly extraordinary meeting and issued
by a decision of the administrative body.
Article (6)
The Company’s authorized capital shall be L.E. 50,000,000 (Fifty million Egyptian
pounds) and the Company issued capital shall be L.E. 10,000,000 (Ten million Egyptian
pounds) distributed into 100.0000 (One hundred thousand) shares, each of L.E. 100 (One
hundred Egyptian pounds) value.
Article (7)
The company capital shall consist of 100,000 nominal shares. The founders and
subscribers have subscribed 100,000 shares, of L.E. 10,000,000 thereto.
The founders and subscribers have deposited 10% out of the at-par value of the shares
upon subscription at the Investment Branch affiliated to Alexandria Bank which is
licensed to receive subscriptions. The deposited amount shall be increased to 25% within
a maximum of three months as from the date the company is registered in the
Commercial Registry. The Company shall notify the General authority for Investment
and Free Zones by virtue of a bank certificate evidencing such data. The shares are
distributed among the founders and subscribers as follows:
Monetary At-par Value Payment

S Name Nationality Capacity
Share No. (L.E.) Currency
Doimo International
1 Italian Founder 1 100 L.E.
Group S.R.L
Doimo International
2 Italian Subscriber 50999 5099900 L.E.
Group S.R.L
3 Egyptian Founder 1 100 L.E.
4 Egyptian Subscriber 24499 2449900 L.E.
5 Tarek Issa Taha Khedr Egyptian Founder 1 100 L.E.
6 Tarek Issa Taha Khedr Egyptian Subscriber 24499 2449900 L.E.
Total 100000 10000000 L.E.
The Egyptian Stock amounts 49%.
Article (8)
The share certificates shall be extracted from a book having slips, and shall be given
serial numbers, to be signed by two of the members of the board of directors appointed
by the board, and shall bear the stamp of the company.
The share certificates shall particularly bear the following: the name of the company, its
legal formation, address of the company's head office, its object in brief, term, number
and place of registration in the Commercial Registry, the share type and properties, the
share nominal value and the amount paid thereof, and owner's name. The shares shall
have serially numbered coupons indicating the share number.
In the event the company subscribes to a central depository system of a company

licensed to provide central depository and central registry services, transactions may be
carried out according to an account statement issued and stamped by a securities
registry management company on individual basis.
In case of inviting the general assembly meeting to convene, and whenever necessary,
the company shall ask Misr for Clearing, Depository and Registry Co. to send it a
consolidated statement indicating shareholders and the percentage of the company
capital each one of them own as of a certain date. This statement shall be considered the
company's shareholder record.
Article (9)
Share value shall be fully paid within a maximum of five years from the date of
incorporating the company or the date of increasing the company capital with shares
that is not fully paid. The payment shall be made at the time and in the way determined
by the board of directors or the general assembly meeting, provided that these dates are
announced 15 days in advance. The remaining paid amount shall be recorded on the
share certificates. Each share which is not correctly marked as fully paid shall be
nullified as to circulation.
Each amount due and payable in settlement of the rest of the value of the share and
which becomes overdue, shall be charged interest in favor of the company at the rate of
7% per annum, from date of its having become due in addition to the consequential
indemnities.
The company's board of directors is entitled to sell such shares for account of the
overdue shareholder, under his obligation and responsibility and with no need for
notice or juridical procedures, after taking the following procedure:
1. advising the defaulter with registered letter with advice of delivery at his
address as per the company's records, and the elapse of sixty days thereafter.
2. advertising the numbers of shares whose owners have not dully paid the value
thereof in a daily paper
3. advising the defaulter with registered letter with advice of delivery at his
address, attaching a copy of the advertisement and the issue number of the
newspaper in which it was published and the elapse of fifteen days thereafter.
The shares certificates thus sold shall inevitably be cancelled and new certificates with
the same numbers shall be issued to purchasers in compensation thereof. The new
certificates shall be marked as a replacement of the old ones. The Stock Exchange market
wherein the shares of the company are registered shall be advised accordingly, pursuant
to the provisions of Article (6) of the executive regulations of Law No. 95 of 1995.
The board of directors shall deduct from sale price whichever may be due to the
company in terms of capital, interest, and expenses. Any remaining amount after
deducting the company's due shall be refunded to the shareholder and he shall be
demanded to pay any difference in case of deficit.
The account statement issued and stamped by a central depository company, in case the
company subscribes the central depository system thereof, the amounts paid with
deduction from the value of the shares centrally deposited therein.
Article (10)
Share transfer, in the Stock Exchange Market, shall be upon completing their circulation
entry on the Stock Exchange Market, or by notifying the Stock Exchange Market and
registering the operation therewith in case the share is not registered on the Stock
Exchange Market. As for bearer shares, if any, the transfer of ownership thereof shall
take effect immediately upon delivery of it. The company shall record the transfer in its
records within a maximum of one week from the date it was notified whether by the
Stock Exchange Market or the transferee.
In case the of devolution of shares by way of inheritance or a will, the cause of which the
ownership was a result shall be registered in the company's register or in the records of
the central depository company with whom the company shares are deposited, after
submitting the papers evidencing the said cause.
If the transfer is in implementation of a conclusive judicial judgment the assignment

shall be registered as per this judgment, after submitting the documents evidencing that.
In all cases, the share shall be marked indicating that the share was transferred to the
transferee.
Article (11)
With due regard to articles 59 through 63 of the executive regulations of Law No. 95 of
1992, the shares shall be transferable upon completing their circulation entry on the
Stock Exchange Market, or by registering the operation therewith in case the share is not
registered on the Stock Exchange Market. The transfer shall be registered, in a special
register kept by the company, within a maximum of one week from the date it was
notified either by the Stock Exchange Market or the transferee unless these shares were
centrally deposited in one of the companies which is licensed to provide central
depository services.
If the transfer is in implementation of a conclusive judicial judgment the assignment

shall be registered as per this judgment, after submitting the documents evidencing that.
In all cases, the share shall be marked indicating that the share was transferred to the
transferee unless it is entered onto a central depository company; as for the bearer share
shall be transferred upon takeover.
Article (12)
The shareholder shall not be liable except within the limits of the value of shares he
owns. All shares of the same type shall be subject the same obligations.
Article (13)
The ownership of shares must entail accepting the company's Statute and the resolutions
of the general assembly meeting.
Article (14)
Each and every share shall be indivisible.
Article (15)
Heirs of a shareholder or his creditors may not, under any pretext whatsoever, claim
imposing seals to the company's ledger or assets. Neither shall they be entitled to claim
its partition or sale in full due to the impossibility of division.
Article (16)
Each and every share shall entitle its owner the right in having an equal share of the
profit or the company's assets upon its liquidation as any other share of the same type.
The company may issue preference shares pursuant to the approval of the general
assembly extraordinary meeting, with a majority of 75% of the shares duly represented
in the meeting and according to the provisions hereof and law. The preference shares
shall entitle its owner a greater share of profit, higher representation when voting on the
general assembly resolutions, and priority to get its value in the event of liquidating the
company, as the general assembly extraordinary meeting may decide.
Article (17)
The profits due on the share shall be paid to the last owner whose name is registered in
the register of the company, or in the central registry and depository records of a central
depository company where the company's share are deposited, and he only has the right
to receive the amounts due for the share be it profit shares or a share in the assets of the
company. As for profit on bearer shares, they shall be paid to the bearer against the
coupon for which the profit has become due, even if it was severed from the share itself.
Article (18)
The increase of the capital shall be by issuing new shares, in accordance with the
provisions of capital market law, promulgated by Law No. 95 of 1992 and the executive
regulation thereof. The company capital may be reduced according to the Law of the
Joint Stock Companies, Companies Limited by Shares and Limited Liability Companies,
promulgated by Law No. 159 of 1981, and its Executive Regulations.
In case of increasing the capital by issuing new shares, old shareholders shall have
priority right as to subscribing to the increase shares, each according to the number of
shares he owns, provided that all shareholders of the same level shall equally enjoy this
right with no prejudice to the right of preference shareholder, if any, priority rights.
However, the general assembly extraordinary meeting may, upon the request of the
board of directors and due to reasons accepted by the auditor, put the increase shares, in
part or full, to public subscription without applying the old shareholders priority right.
The old shareholders shall be notified of the issuance of the increase shares, in case of
applying their priority right, by publication or by registered mail as the case may be, and
in accordance with the provisions of the executive regulations of Law No. 159 of 1981.
The old shareholders shall be granted an interval to subscribe, not less than thirty days
from the day of opening the subscription, in accordance with the provisions of articles
30 and 33 of the executive regulations of the Capital Market Law promulgated by Law
No. 95 of 1992.
Article (19)
The rights, privileges, or restrictions pertaining to any type of shares may not be
amended except by a decision of the general assembly extraordinary meeting and
subsequent to the approval of a special assembly, made up of the holders of the type of
share the amendment pertains to, with a majority of votes representing two thirds of the
capital represented by the said type of shares.
The invitation for this special assembly to meet shall be made in the same way and for
the same reasons as the general assembly extraordinary meeting.
Article (20)
Subject to the provisions of Article s 49 through 52 of the Law of the Joint Stock
Companies, Companies Limited by Shares and Limited Liability Companies,
promulgated by Law No. 159 of 1981 and the executive regulation thereof and articles 34
through 39 of the executive regulations of the Capital Market Law, promulgated by Law
No. 95 of 1992, the general assembly extraordinary meeting may decide to issue various
financing bonds or deeds to face company's funding requirements, or for the financing
of a certain activity or operation, provided that the issued capital is fully paid and the
value of the bonds or deed does not exceed the value of the company's net assets, as may
be determined by the auditor and according to the company's last balance sheet
approved by the general assembly.
The general assembly extraordinary meeting's resolution shall include value of the
bonds or deeds, conditions of their issuance, the extent to which they are transferrable to
shares, the return yielded by each bond or deed and the basis of the calculation thereof.
The said resolution may also include the total value of the bonds or deeds, the securities
and guarantees thereof and authorizing the board of directors to determine any other
terms related thereto. The bonds and deeds shall be issued no later than the end of the
fiscal year, following the resolution of the general assembly extraordinary meeting
resolution issuing them.
Article (21)
The company shall be managed by a board of directors consisting of a minimum of three
members and a maximum of fifteen members to be appointed by the general assembly.
As an exclusion from the aforementioned appointment method, the founders have

appointed the first board of directors of four members as follows:
S Name Citizenship Capacity Age

Deputy
Mohamed Salah-Eddine Chairman &
1 Egyptian 38
Abdel-Aziz Abdel-Aziz Managing
Director
2 Tarek Issa Taha Khedr Egyptian Board member 37
Doimo International Group
3 S.R.L. represented by Doris Italian Chairman 38
Doimo, Italian by citizenship
Doimo International Group
4 S.R.L. represented by Laura Italian Board member 50
Doimo, Italian by citizenship
Article (22)
Members of the board of directors’ appointment term shall be three years. However, the
board of directors appointed by virtue of the previous article shall be in office for three
years. This, however, shall not infringe the right of the judicial person to replace its
representative according to the provisions of articles 237 and 238 of the executive
regulations of the Joint Stock Companies Law.
Article (23)
The board of directors, in case there is no member to replace the original member, may
appoint members in the positions that become vacant during the year. The members
appointed as set forth in the previous paragraph shall remain in office until the meeting
of the general assembly which shall either approve their appointment or appoint others
members to replace them.
In all cases the General Authority for Investment and Free Zones shall be notified if the
members of board of directors are less than three members so that it will invite the
general assembly to convene to elect at least the number of members required to reach
the quorum.
Article (24)
The board of directors shall appoint out of its own members a chairman. It may appoint
a deputy chairman who shall carry out the chairman’s duties during his absence. In case
the chairman and his deputy are absent, the board shall appoint the member to chair the
board temporarily.
Article (25)
The board of directors may appoint out of its members one managing director or more,
whose powers and remuneration are to be determined by the board. The board may also
create one committee or more, out of its members, to which it would assign some of its
powers or authorize it to supervise the progress of work in the company and execute the
decisions of the board.
Article (26)
The board of directors shall hold its meetings at the head office of the company
whenever its interest dictates such meeting or upon the request of one third of its
members. The board must meet at least four times during the same fiscal year.
The board of directors may meet outside the company head office, inside Egypt,
provided that all its members are present or represented in such meeting. In urgent
cases, as determined by the board of directors, the board may meet outside Egypt,
provided that all members are present or represented in the meeting.
Article (27)
A member of the board of directors may, whenever it is necessary, delegate one of his
fellow members to represent him in the meetings.
Article (28)
A meeting of the board of directors shall only be valid if attended by the majority of its
members with a minimum of three members, provided that they include the chairman
or his deputy. When calculating the quorum required for the validity of the board
meetings the number of the representatives of the judicial person shall be equal to that of
its representative in the board.
Article (29)
The resolutions of the board of directors shall be taken by the majority of the members
attending the meeting or represented therein, unless the general assembly determines a
greater percentage.
Article (30)
Subject to the provisions of articles 96 through 101 of Law of Joint Stock Companies,
Companies Limited by Shares and Limited Liability Companies and its Executive
Regulations, the board of directors shall have the most expansive authority in managing
the company except the authorities expressly assigned hereto to the general assembly.
Without limitation, the board may take all actions and issue regulations related to the
administrative and financial matters and employees' affairs and their financial
treatment. The board shall also issue special regulations organizing its duties, meetings
and the distribution of competences and responsibilities.
Article (31)
The chairman of the board of directors shall represent the company before juridical
authorities.
Article (32)
Each person delegated by the board of directors for this purpose has the right to sign in
behalf of the company its dealings and undertakings. The board of directors has the
right to appoint a number of managers or authority agents and to authorize them to
sign, solely or jointly, on behalf of the company.
Article (33)
Members of the board of the directors shall not be liable for the company obligations
due to the performance of their functions within the limits of their mandate.
Article (34)
The board of directors remunerations shall be made up of either the percentage set forth
in article 55 hereof plus attendance allowance, whose value shall be determined
annually by the general assembly, or a lum remuneration that the general assembly shall
determine for the managing director.
The Assistant Administrative Committee
Article (35)
The board of directors shall create from among staff members an assistant
administrative committee. Egyptian and foreign staff members shall be represented
therein. The said committee shall be in charge of studying all issues related to personnel
programs, increasing and improving company's production according to principles of
sound economic management and using the available resources efficiently, and any
other subjects or issues referred to the committee by the board of directors or the
managing director. The committee shall put its recommendations and the conclusions of
its studies forward to the board of directors.
Article (36)
The committee shall appoint from among its members a chairman and shall in case of
the chairman's absence appoint the member to act as his deputy temporarily. The
committee meetings shall be attended by the managing director or any member of the
board whom he may delegate, and a number of the company's managers to be selected
by the board of directors without them having a countable vote during deliberations.
Article (37)
The board of directors shall set the rules and conditions for choosing members of the
assistant administrative committee, term of their membership and the process of
membership renewal, system of operation and members' remuneration. The committee
shall meet at least once every two months and for meeting to be valid it shall be
attended by at least third of the members. The committee resolution shall be issued by
the majority of votes of those present. In case In case of equality of votes, the chairman,
or whoever acts as his deputy, shall have the casting vote.
Article (38)
The committee shall prepare a report during the company's fiscal year which shall be
submitted to the board of directors. The report shall indicate the issues referred to it, its
recommendations thereon, and the proposals which it deems shall be submitted to the
board of directors, the adoption of which shall realize company's interest.
Article (39)
The general assembly shall represent all shareholders and may only be held in Cairo.
Article (40)
Each shareholder shall have the right to attend the general assembly either in person or
by proxy. A shareholder may not represent by proxy a number of votes exceeding 10%
of the company's capital nominal shares or 20% of the shares represented in the meeting.
A shareholder, other than a member of the board of directors, may not authorize a
member of the board of director to represent him in attending the general assembly
meeting. For the authorization to be valid, it should be in the form of a written power of
attorney and the proxy must be a shareholder.
The board of directors must be represented in the general assembly meeting by at least
the quorum required for the validity of its meetings, unless in cases when the number of
the members of the board of directors is less than the quorum. Members of the board of
directors shall not be absent from the meeting unless for a plausible excuse.
In all cases, the meeting shall not be invalid as long as it is attended by a minimum of
three members of the board of directors, including the chairman, his deputy, or one of
the managing directors, provided that the meeting has fulfilled the other conditions
stipulated for by the law and its Executive Regulations.
Article (41)
Shareholders desirous to attend the general assembly meeting shall prove that they have
deposited their shares at the head office of the company or in any of the authorized
banks at least three full days prior to the meeting.
Share transfer may not be registered in the company's record as from the date of
publishing the invitation to attend the meeting or sending it as set forth herein and until
the close of the meeting.
In case the company subscribes to a central depository system, shareholder desirous to

attend the general assembly must prove that they have deposited a sealed account
statement issued by a securities records company at least three full days prior to the
meeting. They must also attach a certificate evidencing the freezing of these shares until
the close of the meeting
Article (42)
The General Assembly ordinary meeting shall be held annually according to a call by
the Company management, on the time and in the place determined in the call notice.
This shall take place within a maximum of the three months following the end of the
company financial year. The Company’s board of directors may decide calling for a
General Assembly ordinary meeting to convene whenever necessary.
The Company’s board of directors shall call the General Assembly to an ordinary
meeting upon the request of the auditor or a group of partners, representing at least 5%
of the Company capital. The auditor or shareholders asking for the general assembly to
convene shall provide reasons therefor and shall deposit their shares in the company’s
head office or an authorized bank. Such shares may not be withdrawn except after the
close of the meeting
The auditor or the administrative body may call the General Assembly to hold a
meeting, if the company management procrastinates the call in spite of the necessity
thereof and the elapse of one month thereafter or after the due date for the meeting.
The administrative body may call for a meeting of the general assembly if the board of
directors does not meet the quorum or if the members necessary for completing the
quorum refrain from attending. In cases the invitation shall be sent at the company’s
expense and in this case the administrative body shall chair the meeting in such case.
Article (42)
The general assembly ordinary meeting shall convene to discuss the set agenda. It shall
particularly discuss the following:
1. Electing, removing, and considering clearing members of the board of

directors of responsibility.
2. Monitoring the performance of the board of directors and considering
clearing it of responsibility.
3. Approving balance sheet and profit and loss account.
4. Approving the board of directors’ report on the company’s activities.
5. Approving the distribution of profits and determining the board of
directors’ remunerations and allowances.
6. Appointing an auditor, determining his fees, and considering his
removal.
7. Whatever the board of directors, administrative body or shareholders,
owning at least 5% of the capital, may desire to put forth before the
general assembly meeting.
Article (44)
In accordance with the terms, conditions, and details set forth in the executive
regulations of the Capital Market Law promulgated by Law 95 of 1992 and Law of the
Joint Stock companies, Companies limited by shares and Limited liability companies,
promulgated by Law No.159 of the year 1981 and its Executive Regulations, the board of
directors shall within a maximum of two months from the end of each fiscal year
prepare the company’s financial statements ,a report on its activities during the fiscal
year, and the financial position as of the end the fiscal year and make all these
documents available to auditors two weeks prior to their publication.
The board of directors shall publish the financial statements, comprehensive summary
of its report, and the full text of the auditor’s report at least two weeks prior to the
It may be satisfactory to send the documents mentioned in the first paragraph to each
shareholder by registered mail two weeks prior to the general assembly meeting.
Article (45)
The invitation to the general assembly ordinary meeting shall be published twice in two
daily papers, the second of which shall be at least 5 days later than the first. It may be
satisfactory to send the invitation to shareholders through a receipt-acknowledge letter,
at the shareholders’ domicile registered in the company’s records, or by hand against a
signature for receipt.
A copy of the invitation published or sent to the shareholders shall be sent to the
administrative body and the capital market authority and the representative of
bondholders’ assembly at the same time as they are published or sent to shareholders
Article (46)
The General Assembly meeting shall not be legal unless attended by partners
representing at least 50% of capital. In case of not making the quorum in the first
meeting, a second General Assembly meeting shall be called for, to be held within the
thirty days following the first meeting.
The call for the first meeting may be satisfactory if the second meeting date is
determined therein. The second meeting shall be deemed legal regardless of the number
of shares represented therein. Resolutions shall be issued by the majority of votes of the
equities represented in the meeting.
Article (47)
The General Assembly extraordinary meeting only shall be competent to amend the
Company statute with due regard to the following:
1- The Partners' obligations may not be increased, and any decision issued by
the General Assembly extraordinary meeting, which may cause damage to
the basic rights of equity holders that they acquire in their capacity as
partners, shall be null and void.
2- New businesses may be added to the company objectives.
3- Considering increasing or decreasing the capital, extending or shortening

the period of the Company or dissolving the Company before the set date, or
changing the percentage of loss resulting in the dissolution or merger of the
Company.
In case company loss reaches an amount equal to half the issued capital, the
board of directors must call for a General Assembly extraordinary meeting to
consider dissolution or continuation of the company. Any amendment to the
company Statute shall not be carried out unless the administrative body
issues a decision to this effect.
Article (49)
With due regard to the provisions pertaining to the ordinary General Assembly, the
following provisions shall be applicable to the General Assembly extraordinary meeting:
1- The General Assembly extraordinary meeting shall convene pursuant to the

call of the Company board of directors. The board of directors shall call the
general assembly for an extraordinary meeting if so is required by a number
of shareholders representing at least 10% of the Company capital for serious
reasons, provided that the requesters deposit their shares in the company
head office or an authorized bank and they may not withheld these shares
until the close of the general assembly meeting. If the Company management
does not call the assembly within one month from submitting the request
thereto, requesters may submit their request to the administrative body which
shall undertake the call for the assembly according to the provisions of law.
2- The General Assembly extraordinary meeting shall not be valid, unless
attended by partners representing at least 50%. If the quorum is not made in
the first meeting, the General Assembly shall be called for a second meeting to
be held within thirty days from the first meeting. The second meeting shall be
valid, if attended by partners representing at least 25%.
3- The General Assembly extraordinary meeting resolutions shall be issued by a
majority of at least two thirds of the votes represented in the meeting.
However, resolutions concerning increasing or decreasing the capital,
dissolution of company, changing its original objects, or merging the company
shall not be valid unless voted for by a majority of 75% of the votes
represented in the meeting.
Article (49)
The General Assembly ordinary and extraordinary meeting may not discuss matters not
included in its pre-determined agenda in the call notice. However, the assembly is
entitled to handle serious issues brought up during the meeting.
With due regard to the provisions of Law of the Joint Stock companies, Companies
limited by shares and Limited liability companies, promulgated by Law No.159 of the
year 1981 and its Executive Regulations and the provisions hereof, resolution issued by
the general assembly meetings shall be binding to all shareholders whether they were
present or absent at the meeting when such resolution were was voted on or if they
voted against them. The board of directors shall execute the general assembly
resolutions
Article (50)
The names of the shareholders present shall be enrolled in a special record, indicating
whether their attendance is in person or by proxy. Such record shall be signed by the
auditor, vote tellers, and shareholders before the beginning of the meeting.
Each partner attending the General Assembly meeting is entitled to discuss the subjects
included in its agenda, and interrogate the board of directors and the auditor in their
regard. For the shareholders to exercise this right they must submit their questions in
writing in the company’s head office or by hand against a receipt three days prior to the
The board of directors, or the auditor, shall answer the partners' questions to the extent
that does not cause damage to the Company or the public interest. If the partner deems
the answer to his questions unsatisfactory, he may appeal to the General Assembly
whose decision shall be binding.
Voting in the general assembly meeting shall be in the way proposed by the meeting
chairman and approved by the assembly. Voting on resolutions concerning electing
members of the board of directors, their removal or filling a liability suit against them
shall be confidential. The vote shall also be confidential if so is required by the chairman
of the board of directors or shareholders representing 10% of present votes.
Members of the board of directors may not vote on resolutions concerning determining
their salaries or remunerations or clearing them of responsibility for management.
Article (51)
Minutes of the meeting shall be written down and shall include taking the attendance,
the fulfillment of the quorum, and taking the attendance of the representatives of
competent administrative bodies. It shall include a full summary of all the General
Assembly discussions, all the happenings during the meeting, decisions made in the
meeting, number of votes for and against such decisions, and whatever the shareholders
require to be recorded in the minutes of the meeting.
Minutes of the meeting of the General Assembly shall be recorded regularly after each
session in a special record. A copy of the minutes of the partners' General Assembly
meeting shall be sent to the General Authority for Investment and Free Zones within a
maximum of one month from the date of its convening.
Article (52)
With no prejudice to the rights of bona fide third parties, any resolution by the general
assembly in breach of law and the Statute shall be null and void.
Every resolution taken in favor of or detrimental to a certain category of shareholders or

to bring benefit to the members, without taking the company interest into consideration,
may also be nullified
Nullification may not be claimed except by shareholders whose opposition to the

resolution is recorded in the meeting minutes or those who were absent due to a
plausible excuse. The General Authority for Investment and Free Zones may claim
nullification on the said shareholders behalf if they submitted plausible justifications.
The nullification verdict entails that the resolution shall be null and void to all
shareholders and the board of directors shall publish a summary of the verdict in a daily
newspaper and investment Gazette.
The right to file a lawsuit nullifying a resolution extinct after the elapse of a year after
the resolution is issued and filling the lawsuit shall not suspend executing it unless
otherwise ordered by the court.
Article (53)
Subject to the provisions of Articles No’s 102 through 109 of Law of the Joint Stock
companies, Companies limited by shares and Limited liability companies, promulgated
by Law No.159 of the year 1981 and its Executive Regulations, the company shall have
an auditor or more who meets the requirements stipulated for in the Accounting and
Audit Practice law.
The said auditor(s) shall be appointed by the general assembly which shall determine
his fees. As an exclusion from this appointment method, the founders have appointed
Mr. Taha Mohamed Ahmed Hashish of Ismael Sabri St., Nozha Precinct, Cairo, as the
company chief auditor. The auditor, in his capacity as the shareholders’ collective proxy,
shall be accountable for the authenticity of information included in his report. Every
shareholder has the right, during the general assembly meeting, to discuss the auditor’s
report and seek clarifications to the data therein.
Article (54)
The company fiscal year shall begin on the first day of January and end by the end of
December of each year. However, the first fiscal year thereof shall begin as of date of
incorporation until the end of the following fiscal year of the following year, provided
that this period does not exceed 24 months.
Article (55)
The net profits of the company shall be distributed annually, after deducting all general
expenses and other costs, according to law and Egyptian accounting standards in the
following manner:
1- First of all, an amount equivalent to at least 5% of the profits shall be

appropriated to form the reserve. Such appropriation shall be stopped
whenever the total reserve reaches an amount equivalent to 50% of the
capital. Whenever the reserve becomes less than this percentage,
appropriation shall be resumed.
2- An amount equivalent to 10% of the profits shall be appropriated to be
distributed among the employees, pursuant to the rules proposed by the
board of directors approved by the General Assembly. The sum distributed,
however, shall not exceed the employees’ monthly wages.
3- Afterwards, there shall be a deduction of the amount required for
distributing a first dividend, which is equivalent to at least 5% of the capital.
4- Profit share for founders’ shares shall be paid, if any, provided that the
percentage thereof shall not exceed 10% of net profit.
5- 10% of the remaining amount shall be paid as remuneration for the board of
directors.
6- Any remaining profits shall be distributed among shareholders as an
additional dividend, carried forward to the coming fiscal year, or used to
form an extraordinary reserve or fund for extraordinary amortization.
The general assembly has the right to distribute all or some of the profits included in the
regular financial statements prepared by the company, provided that the said statements
are accompanied by a report by the auditor.
Article (56)
The reserve shall be used as proposed by the board of directors and approved by the
general assembly for the purpose that serves the company interest best.
Article (57)
Dividend shall be paid to shareholders at the place and time determined by the board of
directors, provided that it is paid within a maximum of a month from the date of the
general assembly’s resolution to distribute it.
Article (58)
Any decision issued by the General Assembly does not entail the extinction of the civil
liability lawsuit against the board of directors due to faults made thereby while
assuming its tasks. If the action obligating civil liability was presented to the partners'
General Assembly via a report made by the board of directors or the auditor, such
lawsuit shall extinct after the elapse of one year from the date of issuance of the General
Assembly decision endorsing of the report of the board of directors or the auditor (as the
case may be).
Article (59)
With no prejudice to the shareholders legal rights, lawsuits against the board of
directors or any of the members thereof, which may harm company interests , may not
be filled unless in the name of all shareholders pursuant to a decision by the general
assembly.
Any member desirous to file such lawsuit must notify the board of directors at least a
month prior to the general assembly meeting. The board of directors must include such
proposal in the meeting agenda.
Article (60)
The Company shall, in case of losing half of the capital thereof, be dissolved before its
expiry, unless otherwise is decided by the General Assembly extraordinary meeting.
Article (61)
With due regard to the provisions of Law of the Joint Stock companies, Companies
limited by shares and Limited liability companies, promulgated by Law No.159 of 1981
and its Executive Regulations, the General Assembly shall appoint one or more
liquidators, from among the shareholders or others and shall determine their fees
In case of a judgment dissolving or nullifying the Company, the court shall indicate the
method of liquidation, besides appointing and determining the fees of the liquidator.
The liquidator's work does not stop in case of the partners' death, declaration of
bankruptcy, insolvency or seizure, even if such liquidator was appointed thereby. The
board of directors’ proxy ends upon appointing the liquidators. However, the General
Assembly authority remains as it is throughout the liquidation period, until the
liquidators are released from their responsibility.
Article (62)
Subject to the provisions of the article 60 of law no. 17 of 1982, the board of directors
shall conclude a contract with a lawyer practicing at least in the court of Appeal to act as
the company legal advisor and for the period and against the fees that may be agreed
upon.
As an exclusion from the above mentioned method, the founders have appointed Mr.
Tharwat Girgis Abdel-Shaheed, the Attorney-at-Law, domiciling at 20B Adly St.,
Downtown, Cairo, as the company legal advisor for the term of the first fiscal year. This
appointment shall be valid until the first meeting of the board of directors and the
enforcement of its authority in this regard.
Article (63)
All fees, expenses, wages and costs of incorporating the company shall be deducted
from the general expenses account as the Statutory meeting, or the first general assembly
ordinary meeting, may decide in this regard.
Article (64)
Provisions of the Egyptian law shall apply unless otherwise is provided for herein.
Article (65)
This Statute shall be published according to the provisions of law.
Copyrights Reserved ©
To the GAFI
Located at Salah Salem Road, Cairo Fairgrounds
Tel.: +20 224055452 Fax: +20 224055410
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Serial No. 6618/1995 (15)

Investment Gazette

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General Authority for

Investment & Free Zones

For subscription, publishing and inquiries:

Investment Gazette Premises at the Administrative Building

Salah Salem Road- Investment Services Compound

Tel: 24055452- Ex. 584

Twentieth Year – Issue No. (30584)

Pick up your Copy at

96 Ahmed Orabi St., Mohandseen, 9th Floor

Working Hours: 8 am: 4 pm

(Weekly Holidays: Fridays and Saturdays)

Serial Content Page

1 Proventures Consulting & Solutions 5

 Presidential Decree No. 284 of 1997, promulgated by President of the Arab

Second: Corporate Capital:

Number of At-par Value in Shareholding

Third: Corporate Object:

Fourth: Company’s Registered Office is headquartered at 2 Abdel-Hamid Badawy St.’s

Fifth: The Company’s management shall be assumed by:

(1) Mr. MOHAMMED AMR YAKAN AMIN MERHREZ; Citizenship: Egypt;

Both Managers shall tenure their offices sine die.

Sixth: Corporate Term: It is twenty-five years commencing as of being acquired the

 Should unfavorable security information vis-à-vis any non-Egyptian partner or

Dr. Hassan Fahmi Mohammed

Head of the GAFI

This MEMORANDUM OF ASSOCIATION (the “Memorandum”) is made and entered into

1 Swift Group For 166 Al-Hejaz St.,

The Company may be interested in being a stakeholder in or a partner under

Number of At-par Value in Shareholding

- Provide consultancy (excluding all market securities, legal consultancy,

The Company may be interested in being a stakeholder in or a partner under

Monetary At-par Value Payment

In the event the company subscribes to a central depository system of a company

If the transfer is in implementation of a conclusive judicial judgment the assignment

If the transfer is in implementation of a conclusive judicial judgment the assignment

As an exclusion from the aforementioned appointment method, the founders have

S Name Citizenship Capacity Age

The Assistant Administrative Committee

In case the company subscribes to a central depository system, shareholder desirous to

1. Electing, removing, and considering clearing members of the board of

2- New businesses may be added to the company objectives.

3- Considering increasing or decreasing the capital, extending or shortening

1- The General Assembly extraordinary meeting shall convene pursuant to the

Every resolution taken in favor of or detrimental to a certain category of shareholders or

Nullification may not be claimed except by shareholders whose opposition to the

1- First of all, an amount equivalent to at least 5% of the profits shall be

This Statute shall be published according to the provisions of law.

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