By Mohamed Attia
The subsidiaries of the Egyptian Holding Company for Airports and Air Navigation recently convened their ordinary and extraordinary general assemblies, presided over by Chairman Mohamed Saeed Mahrous. During these meetings, the companies approved the 7 per cent social allowance for employees, effective from March 1, 2024.
The ordinary general assembly of Cairo Airport Company appointed two new board members, expanding the board to nine members. The extraordinary general assembly approved amendments to articles 6 and 7 of the company’s bylaws and agreed to increase the company’s capital to LE6.3 billion, utilising retained earnings from the 2022-2023 Similarly, the Egyptian Airports Company held its extraordinary general assembly, approving amendments to its bylaws and increasing its capital to LE5.255 billion, also from retained earnings of the 2022-2023 financial year.
Aerotel, the company for hotels, tourism, and healthcare services, held its extraordinary general assembly, approving bylaw amendments and an increase in capital. The National Air Navigation Services Company followed suit, increasing its capital to LE2.2 billion from retained earnings.
AeroSport, another subsidiary, held its extraordinary general assembly, approving bylaw amendments and increasing its capital to LE49 million. The Cairo Airport Company’s stake in AeroSport will increase to 66.20 per cent, following an additional investment of LE49 million.
Additionally, the Aviation Information Technology Company held its extraordinary general assembly, approving bylaw amendments and increasing its authorized capital to EGP 500 million, with issued and paid-up capital rising to EGP 175 million from retained earnings of the 2022-2023 financial year.
The Egyptian Holding Company for Airports and Air Navigation will hold its general assembly later, chaired by Minister of Civil Aviation Mohamed Abbas Helmy, to ratify the decisions made by the subsidiaries’ general assemblies.
