Monday 29/December/2025 – 12:05 PM
The Extraordinary General Assembly of the Middle Egypt Electricity Distribution Company decided to adopt a final amendment to the company’s bylaws, after the company’s losses amounted to half the value of shareholders’ equity, according to the company’s latest annual financial statements. This prompted the Board of Directors to invite the Extraordinary General Assembly to consider dissolving the company or continuing it.
A decision by the Middle Egypt Electricity Distribution Company after its losses reached half the value of shareholders’ equity
According to the Official Gazette, if it is decided to dissolve the company, the General Assembly appoints one or more liquidators to initiate the company’s liquidation procedures, and the Assembly determines the liquidators’ fees.
In the event that a judicial ruling is issued to dissolve or invalidate the company, the appointment of the liquidator, determination of his fees, and how he will carry out his duties shall be within the jurisdiction of the court.
It stated that any decision issued by the General Assembly does not result in the forfeiture of the civil liability lawsuit against the members of the Board of Directors due to errors committed by them in carrying out their mission, and if the act triggering the liability was presented to the General Assembly of the company with a report from the Board of Directors or the auditor, then the liability lawsuit in this case lapses after one year from the date of issuance of the General Assembly’s decision approving the report of the Board of Directors or the auditor.
