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June 13, 2018

F?Y 2017 Earnings Release


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Since inception, Solidere has distributed dividends in 13 out of its 23 years of operations for a total value of US$ 1.2 billion, out of an aggregate net income of US$ 1.6 billion. Solidere stands by its commitment to distribute dividends to shareholders depending on the level of profits and available liquidity after providing for capital expenditure towards infrastructure and real estate development projects.

AGM Notice – 2018

In accordance with the provisions of Article 43 of the Articles of Incorporation of the Company, the Board of Directors of the Lebanese Company for the Development and Reconstruction of Beirut Central District, s.a.l. (Solidere) hereby invites the Shareholders of both Class (A) and (B) shares to attend the Ordinary General Meeting that will be held on Friday, June 29, 2018 at 9.30 A.M. at the Seaside complex, waterfront area, Beirut Central District.

 

The Agenda of the Ordinary General Meeting is as follows:

  1. To listen to the Board of Directors’ report for the Company’s activities during the year 2017.
  2. To listen to the Auditors Report related to the Financial Statements and the Consolidated Financial Statements for the year 2017.
  3. To discuss the Financial Results of the Company for the year 2017 and to decide on distribution of dividends. 
  4. To listen to the Board of Directors’ Special Report and the Auditors Special Report and to grant the members of the Board of Directors the authorizations stipulated in Articles 158 and 159 of the Code of Commerce.
  5. To give full discharge to the Chairman and to the members of the Board of Directors for the management of the Company in 2017.
  6. To elect members of the Board of Directors and determine their compensations.
  7. To appoint the Auditors and determine their compensations.

 

If there is no quorum in the first Ordinary General Meeting, the Board of Directors hereby invites the Shareholders of both Classes (A) and (B) to a second Ordinary General Meeting that would be held on Monday, July 23, 2018 at 9.30 A.M. at the Seaside complex, waterfront area, Beirut Central District.

If there is no quorum in the second Ordinary General Meeting, the Board of Directors hereby invites the Shareholders of both Classes (A) and (B) to a third Ordinary General Meeting that would be held on Monday, August 13, 2018 at 9.30 A.M. at the Seaside complex, waterfront area, Beirut Central District.

Shareholders have access, at the Company’s head office, to the general and special reports of the Board of Directors, the inventory list, the stand-alone and consolidated balance sheet and profit and loss account, the independent auditor’s reports for both the stand-alone and consolidated financial statements, the list of shareholders, the general and special reports of the Auditors, during the fifteen days that precede the Ordinary General Meeting.

Shareholders shall have the right to attend personally the Ordinary General Meeting, or to be represented thereat by other shareholders in accordance with the provisions of the law and the Articles of Incorporation.

 The Board of Directors

Dividend History

Declaration DateDiv./SharePayment DateDeclared Dividends (USD)Payout RatioDiv. Yield*
29-Jun-960.2015-Jul-9630,918,41395.76%1.79%
30-Jun-970.2514-Jul-9740,367,17268.49%2.27%
29-Jun-980.2515-Jul-9839,351,75350.55%2.08%
23-Jun-03Stock Dividend (1:40)21-Jul-0319,625,55047.70%2.50%
12-Jun-060.6015-Aug-0694,831,10687.38%2.66%
22-Jun-071.0014-Sep-07155,093,702117.35%6.32%
15-Jul-081.0029-Aug-08155,090,83269.18%2.71%
13-Jul-091.1529-Sep-09176,479,95796.59%4.90%
19-Jul-101.1515-Oct-10175,228,43492.61%5.48%
1-Aug-110.40

Stock Dividend (1:30)
31-Oct-1160,912,291

85,987,850
75.14%5.71%
30-Jul-120.25

Stock Dividend (1:50)
15-Oct-1239,316,239

42,744,616
51.68%3.83%
13-Jul-150.10

Stock Dividend (1:50)
12-Oct-15 16,015,415

36,859,996
46.50%2.84%
27-Jun-160.10

Stock Dividend (1:80)
3-Oct-1616,302,491

19,070,295
-40.56%2.32%
*Based on Declaration Date Share Price