Four new members for Solidere board

$162 million net profits last year, dividend pay
out 25 cents per share, plus share distribution

Solidere’s general assembly has named four new members to the company’s board: Ousama Qabbani, Makram Abboud, Raja Salameh, and Mounir Doueidy . The members replace outgoing board members Fouad el Khazen, Sami Nahas, Sarkis Demerjian, and Mosbah Kanafani.

The general assembly held earlier today (July 30) announced Solidere’s net profits for 2011 had topped $162 million and announced dividend distribution of $0.25 per common share, in addition to one share paid out for every 50 shares held.

New board member Qabbani, said that the outgoing members most likely resigned for personal reasons, adding that they had been on the board for some time. “The new comers bring with them new blood and new expertise,” he said.

In the event of vacancies on the company board, Qabbani said: “Any shareholder with at least 2,000 shares can nominate himself to the board and the general assembly votes.”

The chairman of the board and general manager, Nasser Chammaa, and Mounir Douaidy, the CEO, remained unchanged.

Reported by Hani Bathiche