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VisitorsOfficialColombian Vice-President Dr. Fransisco Santos Calderonwith ambassador Rida MarietteAl Jure Salamé; Montenegrospatial planning & environmentminister Branimir Gvozdenovic,with tourism developmentproject coordinator RadeLjumovic, foreign affairs directorfor consular affairs ZeljkoStamatovic and honorary consulgeneral Marwan Paul Kebbe;Brazilian ambassador PauloRoberto Tarrisse da Fontoura;Canadian ambassador MartialPagé; Turkish ambassadorSerdar Kilic; Saudi ambassadorin Paris Mohamad Al Sheikh withSaudi official Saoud Al Malki;Mayor Lambros Tapinos andcouncilor Anthony Helou,Moreland, Australia.
Business and delegationsChief executive Adrian Wyatt,deputy chief executive NickShattock and finance directorRebecca Worthington, QuintainEstates, with Buddy Soubra fromMerchant Bridge, UK; UK Tradeand Investment country managerKaren Neal; Le Gray Hotelgeneral manager Hector deGalard with a delegation; Fnacpresident-CEO ChristopheCuvillier with secretary generalDidier Couerbe, internationalfranchise manager EdouardCassignol and SCC internationalretail development MelanieRobert; Mary Gray, chairperson,Amideast board of directors, US;Aurélie Boisselet from GroupeSetec, France; BlackpearlRomania, chief executive officerAli Chemais and communicationdirector Prince Michael deLaufenbourg, president Irinel
Columbeanu, Turbocim; Michael Aniftos and KyriaziAnghelopoulos, area managers,Pafilia property developers,Cyprus; 10 members of FriedrichNaumann Foundation for Liberty;chefs Davide Bisetto, Italy, AlainReix and Dominique Bouchet,France.
Professionals and academicsArchitects Richard Rogers, UK;Shigeru Ban, Japan; HenriRivière, Alain Moatti Architecture,France; 12 architecture students,University of Technology Sydney,Australia; 40 MBA students,Wharton University, US.
MediaEditor Georgika Aeby-Demeter,Exclusif magazine, Switzerland;Laurent de Saint Périer, TerraNueva Match special reports forParis Match, France.
IN & ABOUT
Copyright 2009 © SolidereThe Lebanese Company for the Development andReconstruction of BeirutCentral District s.a.l.
POBox 119493 Beirut 2012 7305 Lebanon
Tel 961 1 980650 - 980660Fax 961 1 980661 - 980662
01. Richard Rogers with SolidereChairman Nasser Chammaa 02. Serdar Kilic with Vice-Chairman Maher Beydoun03,05,06. Ambassadors Al Sheikh,Fontura, Pagé with AR Solh04,07. Ambassador Al JureSalamé and vice-presidentCalderon; Wharton delegation,with Mounir Douaidy
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Annual general meetingHeld on July 13, 2009, Solidere’s annual general meeting, presided over bychairman Nasser Chammaa and attended by the board of directors:Approved the audited financial statements for the year 2008; taking note of accumulated profits and of the US$183,629,205 net income of the year,resolved to transfer 10% of net income to retained earnings, and distributeUS$176,479,956 in the form of US$1.15 per share held, as per theshareholders’ register at the general meeting date, with distribution to takeeffect as of September 28, 2009.
Gave the chairman and members of the board of directors the authorizationsstipulated in Articles 158 and 159 of the Lebanese commercial code andratified the agreements signed with the Company.
Cleared the chairman and members of the board of directors of any liabilityfor matters relating to the Company management in 2008.
Elected Messrs. Nasser Chammaa, Maher Beydoun, Sami Nahas, JosephAsseily, Bassile Yared, Fadi Boustany, Sarkis Demirjian, Fouad El Khazen,Raphael Sabbagha, Maher Daouk and Abdulhafiz Mansour as members of theboard of directors for a period of three years ending on the date of the annualgeneral meeting held to approve the financial statements of the year 2011.
Appointed Ernst & Young and Deloitte & Touche as auditors for a period ofthree years ending on the date of the annual general meeting held toapprove the financial statements for the year 2011.
Board of directorsThe elected board of directorsmet on July 13, 2009 after theannual general meeting, andtook the following resolutions:
Elected Mr. Nasser Chammaaas chairman and generalmanager for the duration ofhis mandate.
Respectively elected Messrs.Fadi Boustany and MaherBeydoun as vice-chairmen,and Raphael Sabbagha assecretary-general.
Upon the chairman’srecommendation, Mr. MounirDouaidy was reappointed asgeneral manager for theduration of the board’smandate.
Dividend distributionThe dividend distributionrelating to fiscal year 2008 took effect startingSeptember 28, 2009, inaccordance with the annualgeneral meeting resolution.
A dividend of US$1.15(US$1.09 after deducting thecompulsory 5% tax on profitdistributions) was distributedfor each share held, as perthe Shareholders’ register atthe general meeting date.
The total dividend distributionamounts to US$176,479,956,calculated on the number ofoutstanding shares with theexception of the balance oftreasury shares held by theCompany.
Share performance during the 3rd quarter 2009
Share A - Daily Closing Prices Volume
Volume
400,000
300,000
200,000
100,000
0
400,000
300,000
200,000
100,000
0
Solidere shares traded withina narrow band throughoutthe quarter, as politicaluncertainty kept most marketparticipants on the sidelines.Having traded at a discountfrom the shares, the GDRsclosed the quarter on apositive note, after adjustingto trade closely with theunderlying share.
The Company fundamentalskept the shares strong,however trading volumeremained subdued. Share Afluctuated between a low ofUS$22.54 and a high ofUS$26.93, closing atUS$25.13, a 0.94% decreasecompared to the previousquarter. Share B tradedbetween a low of US$22.66and a high of US$26.75,closing the quarter atUS$25.14, a 0.39% increaseover the previous quarter.
Trading activity decreasedduring the quarter, witharound 9.5 million shares of both classes traded in thelocal market, 18% less thanin the previous quarter.
The GDRs traded in theLondon Stock Exchangefollowed the locally tradedshares, closing the quarter at around US$25.1, a 4.8%increase compared to theprevious quarter closing level.
Share B - Daily Closing Prices
$29
$27
$25
$23
$21
$29
$27
$25
$23
$21
Share price (US dollars) Trading volume
1 Jul 09
406,091
1 Jul 09
30 Jul 09
30 Jul 09
28 Aug 09
28 Aug 09
30 Sep 09
30 Sep 09
Development newsA total of 389 projects, representing close to 3 million sq m of built-up area, are in various stages of development in Beirut city center.
Projects BUA sq m Status247 1,040,401 Completed47 524,461 Under construction10 30,188 Under restoration24 240,838 Under permitting39 639,476 Under study13 472,778 Sold plots9 21,377 On hold
389 2,969,519 Total
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BUSINESS
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01,02. Port Street perspectives showingFoch 94, Fochville and Foch Residence03. Wafic Sinno Avenue perspective showingHilton Hotel, Avenue du Parc, Park View,Four Seasons Hotel and Marina Tower
& FINANCIAL NEWS
NewcomersRetailAtelier Sola DesignBerlutiBoutique 1BrioniEnvyGelcoInstruments GarageLéticiaLucia BellaNolitaSmart Gift,InternationalSophie’s ChoiceStun, Ed HardyTalacoTatenToy WatchVintage StoryVitra
RestaurantsBaguette, caféCremeria Vienna,caféFairuzLebneniyetTaten café
Business/ servicesBanque Libano-FrançaiseAl Amal pharmacyHarb pharmacy
OpeningsBokja boutiqueJadis boutiqueMe Long Time LinerSabine MazloumSelection galleryStarch second edition
Opening soonAkaberAyyam GalleryBaldinini Cat’sDiorEmme GriffesHouchaimeLa MartinaLancelLimited EditionNatuzziNawbar jewelryPolliniViviane Debbas
Fairs, markets, etc.BielJoaillerie Liban, July 20-24
Salon du Luxe, September 27-30.
OtherAfkart, art and crafts, July 1-5
Morrocan handicraft village, Saifitennis court, July 23 – August 3
Art Summer 2009, Aishti festivalincluding art, books and design,Moutrane Street, July 15-19.
THE ARTOF SHOPPING
Spiritual & festive activitiesOperation Antioche, 4th edition of the Christian choir, SaifiVillage, July 8-12
Nouriya Chapel blessing:archbishop Elias Audi led theprayers for the chapelinauguration, August 14
Sikkar Nabet, Ramadan lounge,off Foch Street, near Biel, August 29 – September 24
Children’s story telling throughthe Holy month of Ramadan, Al Omari Mosque
Eid El Fitr prayers andcelebrations.
CULTURAL
ExhibitionsAlwaneContemporary Lebanese artists,Basbous, Chafic Abboud, AminBacha and Zeina Assi, July 1 – October 30.
Pièce UniqueLina Younis Talih, paintings,July 2-11
Opera Gallery collection, 19thand 20th century Europeanmaster artists, July 15-31
The road to illusion, photographyby Jay Styranka, August 5-15.
Aida Cherfan Collective exhibition by Lebaneseand international artists, July 1 – September 31.
Maqam art galleryRediscovering Vera Yeramian,paintings, drawings andsculptures, August – September.
Save the environmentEnvironment awarenessphotographs organized bymembers of the Green Party,September 11-13.
Ceramic LoungeLe réseau des arts, an exhibitionby students from GhassanYammine, September 11-18.
Beirut Book Capital 2009From the alphabet to the Nahdaaims at reviving Beirut’s heritagethrough cultural and socialactivities. A joint St JosephUniversity - ALBA project, it waslaunched on July 22 at OrientInstitut, with photos, lecturesand a tour of the historic ZokakEl Blatt quarter.
Virgin MegastoreLast Chance, The Middle East inthe Balance, booksigning byDavid Gardner, July 23.
AND SPIRITUAL
Solidarity and Sustainable Development was thetheme of the Sixth Francophone Games, held inBeirut from September 26 – October 6, whichinvolved international participants, athletes andartists, from 70 countries.
Franco-Foire Beyrouth 2009 provided a preview,July 10-12.
Village des Partenaires was the focus of culturalevents which stretched throughout the duration of the Games. Together with street performances,events in the city center also included:
The Waves, interactive installation by ThierryKunzel, France, City Center Dome.
Creanumerica, digital photo exhibition by Alexandre Castonguay and Andreads Rutkauskas,Pièce Unique.
Closing ceremony for the Games in Biel, October 6.
FRANCOPHONE GAMES
Village des Partenaires CreanumericaSautez, Jump, an interactivespace with visitors filmed andedited versions screened in theevening.
ExhibitionsFleurs photovoltaïques,Alexandre Dang, Belgiumdelegation
Beyrouth in postcards, a historiccollection by Charbel Matta,Lebanon
Photographs representing waterby Pascal Cornier, France
Reflexion, photographs, Hungary
Cyprus archeological sites,photographs
Collection Monaco Autrement,Franck Doat, Monaco.
Lectures and round tablesSports as factor of peacebetween people
Sports, environment andsustainable development
Recreational goods and services:stakes in business and businessnegotiations.
CraftsAn area dedicated to artisansfrom several Francophonecountries including Lebanon.
PerformancesHome, movie by Yann Arthus-Bertrand
Le Prophète, by Khalil Gebran,performed by French andLebanese artists
Qui Sera Champion, quiz,animated by Julien Lepers.
Plays, screenings and concertsClassical concert by UnionLibanaise-Suisse
Mektoub Cyrano, play by AzizHellal
Concert by Zeid Hamdan
Stand up comedy by Yass,preceeded by Nasser Zerkoune
Concert by Belgian singer andcomposer Derek Sein
Repetition, interactive projection, Vaceslav Druta.
BielDavid Guetta, July 18Mamma Mia on Ice Show, July 23 – August 8Pussycat Dolls, July 31,Cattaneo, September 25.
City Center DomeTribute to Michael Jackson, July 10.
Music HallGalvez & the NationalOrchestra of Nowhereistan, CD launching and concert,July 29AIR, Sepember 30.
Mouawad museum gardenChansons et Nostalgie, ElieRizkallah, September 16.
Waterside Event SpaceSacha & Digweed first jointperformance in the region, organized by Mix FM.
Brazilian Coffee CarnivalStreet parade and Samba, incollaboration with Brazilian embassy, September 23-24.
MUSIC& SHOWS
VisitorsOfficialColombian Vice-President Dr. Fransisco Santos Calderonwith ambassador Rida MarietteAl Jure Salamé; Montenegrospatial planning & environmentminister Branimir Gvozdenovic,with tourism developmentproject coordinator RadeLjumovic, foreign affairs directorfor consular affairs ZeljkoStamatovic and honorary consulgeneral Marwan Paul Kebbe;Brazilian ambassador PauloRoberto Tarrisse da Fontoura;Canadian ambassador MartialPagé; Turkish ambassadorSerdar Kilic; Saudi ambassadorin Paris Mohamad Al Sheikh withSaudi official Saoud Al Malki;Mayor Lambros Tapinos andcouncilor Anthony Helou,Moreland, Australia.
Business and delegationsChief executive Adrian Wyatt,deputy chief executive NickShattock and finance directorRebecca Worthington, QuintainEstates, with Buddy Soubra fromMerchant Bridge, UK; UK Tradeand Investment country managerKaren Neal; Le Gray Hotelgeneral manager Hector deGalard with a delegation; Fnacpresident-CEO ChristopheCuvillier with secretary generalDidier Couerbe, internationalfranchise manager EdouardCassignol and SCC internationalretail development MelanieRobert; Mary Gray, chairperson,Amideast board of directors, US;Aurélie Boisselet from GroupeSetec, France; BlackpearlRomania, chief executive officerAli Chemais and communicationdirector Prince Michael deLaufenbourg, president Irinel
Columbeanu, Turbocim; Michael Aniftos and KyriaziAnghelopoulos, area managers,Pafilia property developers,Cyprus; 10 members of FriedrichNaumann Foundation for Liberty;chefs Davide Bisetto, Italy, AlainReix and Dominique Bouchet,France.
Professionals and academicsArchitects Richard Rogers, UK;Shigeru Ban, Japan; HenriRivière, Alain Moatti Architecture,France; 12 architecture students,University of Technology Sydney,Australia; 40 MBA students,Wharton University, US.
MediaEditor Georgika Aeby-Demeter,Exclusif magazine, Switzerland;Laurent de Saint Périer, TerraNueva Match special reports forParis Match, France.
IN & ABOUT
Copyright 2009 © SolidereThe Lebanese Company for the Development andReconstruction of BeirutCentral District s.a.l.
POBox 119493 Beirut 2012 7305 Lebanon
Tel 961 1 980650 - 980660Fax 961 1 980661 - 980662
01. Richard Rogers with SolidereChairman Nasser Chammaa 02. Serdar Kilic with Vice-Chairman Maher Beydoun03,05,06. Ambassadors Al Sheikh,Fontura, Pagé with AR Solh04,07. Ambassador Al JureSalamé and vice-presidentCalderon; Wharton delegation,with Mounir Douaidy
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Phase One of Beirut Souks has been completed, with a grand opening planned towards the year end. Solidere organized a media tour on October 2, in the Souks,where a number of shops are already opened.
Offering a unique experience that is different from that of a typical commercialmall, Beirut Souks are an open bazaar of the 21st century. Modern shopping andleisure opportunities are enjoyed while preserving the intricate relationships ofurban market spaces within the city.
