Shareholders on the Egyptian Stock Exchange are awaiting 6 events for companies registered this week, foremost of which is the ruling in the lawsuit of the Cairo Development and Automobile Industry Company, a subsidiary of Arabia Investments Holding, against Peugeot Automobile, France, to claim a compensation of 150 million euros from Peugeot International, and the filed of the company Golden Pyramids Plaza regarding the validity of signing a reservation reservation on the brands owned by the company, most notably City Stars.
The Egyptian Stock Exchange events begin today, Saturday, with the holding of the Ordinary General Assembly of Dice Readymade Garments Company, to discuss the approval of the re-formation of the Board of Directors, the Board of Directors report for the company, the consolidated and independent financial statements ending on September 31, 2019, and the netting contracts that took place during the fiscal year ending in December 2020 The Assembly also discusses considering not distributing dividends to shareholders for the fiscal year ending on December 31, 2019.
On Sunday, January 24, the Economic Court will hear two lawsuits; The first for Arabia Investments Holding, to rule in the lawsuit filed by the Cairo Development and Automobile Industry Company, one of its subsidiaries, against Peugeot Automobil, France, to demand a compensation of 150 million euros from Peugeot International, the second for the First Company for Investment and Real Estate Development, in case No. 3063 of 2020, a total civil Giza filed against Ahmed Mohamed Fattouh and others, the subject matter of which is a computation and obligation lawsuit.
On the same day, the right to cash distribution to the purchasers of the shares of the Paints and Chemical Industries Company – Pachin, the channel for shipping agencies, ends, provided that the first installment of Coupon No. (27) of 0.5 pounds is distributed to the first company, and the company coupon No. (49) is distributed at 1.3828895701 pounds per share. The one for the second company, as of January 27.
The events conclude on Tuesday, January 26, with consideration of the court, the lawsuit filed by the Golden Pyramids Plaza Company regarding the validity of signing a precautionary reservation on the trademarks owned by the company.
The two companies, Orascom Construction and Industry and the International Contractors Association, have filed an arbitration case No. 467 of 2006 at the Cairo Regional Center for International Commercial Arbitration against Golden Pyramids Plaza, in which it was decided on December 17, 2014, to oblige “Golden Pyramids” to pay 248.3 million pounds and 31.1 million pounds. One million dollars in compensation for the losses and damages incurred by the two companies due to delay and obstruction of business completion, in addition to a small interest of 5% from the date of judgment until the complete and final payment.
The center also decided to pay the Golden Pyramids Company amounts of 12.6 million pounds and 3.6 million dollars in compensation for the final account claims, in addition to a small interest according to the LIBOR rate + 2% from the date of the final judgment until full payment. With regard to costs, the Center ordered that the two companies pay an amount $ 8.7 million in addition to a small interest of 5% from the date of the ruling, and $ 7.8 million in connection with legal expenses, while the two companies pay the Golden Pyramids Plaza 56 million pounds in addition to a small interest of 5%.
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