Shareholder Information
Madinet Masr has been listed on the Egyptian Exchange (EGX) since 1996. As at 31 December 2022, the Company’s 2.1 billion shares had a market capitalization of c. EGP 7.2 billion.
18.1%
Free Float
7.2 BN EGP
*Market Capitalization
*As at 31 December 2022 at a share price of EGP 3.43
EGX: MASR.CA
Share Listing: Cairo, Egypt
No. of Outstanding Shares: 2,100,000,000
Corporate Governance Report
This report presents the practices taken by the Company relating to the implementation of the corporate governance rules set forth in the rules for listing and delisting securities on the EGX, as well as other rules applied by the Company on a voluntary basis and derived from the guidelines contained within the Egyptian Guide to Corporate Governance issued by the Financial Regulatory Authority (FRA) as part of Resolution 84 for the year 2016. This report was prepared according to the disclosure requirements of the rules of listing securities on the EGX (Article 40) issued by the FRA as part of Resolution 13 for the year 2018. This is the fifth Corporate Governance Report issued by the Company and relates to the Company’s operations for the fiscal year ending 31 December 2022. This report was prepared in accordance with the guidelines and report form prepared by the FRA in line with the current practices applied by the Company for corporate governance.
General Assembly of Shareholders
The Ordinary General Assembly of Shareholders shall convene on an annual basis at the invitation of the Chairman of the Board of Directors at the time and place determined by the invitation announcement within three months of the end of the Company’s fiscal year. The Board of Directors may decide to call the General Assembly to convene whenever it is deemed necessary.
Shareholding Structure
Board of Directors
In accordance with the Company’s Articles of Association, the Company is run by a Board of Directors consisting of three to eleven members appointed by the General Assembly of Shareholders. Board members are elected using ballot voting and it is permissible for the Board to include a maximum of two experienced members, this is to be approved in the first subsequent General Assembly Meeting. Based on the approval of the Ordinary General Assembly (OGM) meeting held on 13 December 2020, the Company’s Board of Directors’ term was renewed for an additional three years.
Company’s OGM convened and approved the addition of Eng. Mohamed Abdallah Nabil Sallam to the Board of Directors for a period ending with the expiry of the Board’s current term, as well as appointing him as the Company’s Managing Director. The Board of Directors is currently comprised of 10 members, including eight members elected by the General Assembly of Shareholders and two appointed members with experience. The Company separates between the positions of Board Chairman and Managing Director. The Board also includes a female member (Eng. Mushira Kamal Al Maghrabi).
Article 26 of the Company’s Articles of Association states that the Board of Directors and the Board Committees are permitted to convene through the use of modern methods of communication, including conference calls or video conferences.