EMPC holds its General Assembly

The Egyptian Media Production City Company (EMPC) held its 13th general assembly in the presence of the chairman, the members of the board, the shareholders and the administration bodies. The assembly started its agenda after the quorum was fulfilled in the presence of more than 81% of the shareholders.

It approved the board report on the fiscal year 2009; approbated the financial statements; countersigned the auditor's report and decided to carry profits over from the year 2009. Here, it is noteworthy to mention that EMPC gained a net profit of 76.8 million Egyptian pounds during the year 2009, achieving 10% more than the year 2008.

Mr. Sayed Helmy, EMPC chairman, announced EMPC achievements during 2009, the first of which was the increase in the number of new studios. Eight studios were accomplished in complex K and three more were established by personal efforts. By this, the total number of EMPC studios was 67 by the end of 2009 in comparison to 29 by the end of 2005. Moreover, new administration and technical offices were added on a total surface area of 8124 m2 and they were rented to satellite channels and production companies. Mr. Helmy mentioned the development witnessed by the outdoor shooing areas, especially the rural and popular district areas, by adding rural houses, a mosque and new alleys comprising houses, shops and a local coffee shop, in addition to a service complex for artists and extras.

Concerning drama production, Mr. Helmy referred to producing 11 series, whether produced or co-produced by EMPC, and 3 sitcoms.     EMPC marketing sector distributed 88 series produced during and prior to the year 2009 to 52 satellite channels. As for the International Academy for Engineering and Media Science (IAEMS), he announced that the fourth media section batch had graduated, referring to the great scientific and technological developments that the IAEMS had witnessed.

Regarding the Cinema City, Mr. Helmy pointed out to its production, the movie "One-Zero", that was a great success when screened as it had won 17 Arab and international awards.

Mr. Helmy also referred to the agreement between EMPC and the Emirati group "Landmark Fischer" concerning the usufruct of the Magic Land for 25 renewable years in return of a total investment of USD 65 million and an annual rent equals 20% of revenues with EGP 15, at least.

By the end of the assembly, two board members representing the initial public offering (IPO) were elected. Mr. Helmy and the board members listened to the shareholders' opinions and suggestions for promoting EMPC and raising the shares value, confirming by this EMPC endeavors to fulfill the desired goals conforming with the shareholders' best interest.