The Extraordinary General Assembly of “Arabia Land Reclamation” approved the amendment of 25 articles of the company’s articles of association, in accordance with the provisions of Law 185 of 2020 and its executive regulations.
The company’s general assembly also approved adding articles 21 bis and 57 bis to the executive regulations of the company’s system.
The amended articles included (7, 13, 17, 21, 22, 25, 26, 27, 29, 31, 32, 33, 34, 35, 39, 40, 41, 43, 44, 45, 46, 47, 50, 52 and 55) of the company’s articles of association.
Last year, the “Arabia Land Reclamation” company held a public auction yesterday to sell a plot of land with an area of 255 acres of agricultural land in Al-Zraa 28 in Wadi Al-Naqra, Aswan.
The company agreed to sell the entire area at an amount of 21.4 million pounds, provided that the buyer pays 30% of the value of 6.4 million pounds, 10% of which is paid immediately, amounting to 2.1 million pounds, and 20% paid within a month of the approval of the board of directors for the sale, amounting to 4.2 million pounds.
The company indicated that the rest of the selling value, amounting to 14.9 million pounds, is to be paid over 3 years in equal annual installments, with an annual investment return of 7%, with the first installment due after a year from its date.
The general article “Arab Land Reclamation” approves the amendment of 25 articles to its statute, which was written in Al Borsa newspaper.