Cairo – Mubasher: Qalaa Holdings on Tuesday announced that its extraordinary general meeting (EGM) has approved to introduce the reward and motivation system.
The EGM endorsed a sample of the contract to be signed with those who will benefit from the system, the Cairo-based investment firm said in a filing to the Egyptian Exchange (EGX).
During the general meeting, shareholders have also decided to assign the company’s board to amend the reward and motivation system or the allocation contract.
These decisions will be subject to negotiations with the EGX and the Financial Regulatory Authority (FRA) and the company has the right to hire legal or financial advisors regarding the matter.
The EGM also approved the amendments of articles number 46,21, and 43 of the company’s articles of association.
The board of Qalaa Holdings previously approved to apply the reward and motivation system for eight years starting the date of getting the FRA’s approval.
