Amman, October 2007 - The Central Electricity Generating Company (CEGCO) held yesterday at its head offices an extra-ordinary meeting for its general assembly, presided by HE Dr. Hatem Halawani and attended by a representative of the Company Controller and the government’s representative in general assembly, Mr. Ahmad Antar, as well as representatives of the shareholders in Enara – Energy Arabia.

During the meeting, the resignation of the old board of directors was accepted, the new shareholders were welcomed, and the amendment on the company’s bylaws was accepted and endorsed. In addition, the general assembly endorsed the agreements that were signed as part of the privatization of CEGCO on 20 September 2007, by virtue of which 51% of CEGCO’s shares were sold to Enara – Energy Arabia and 9% were sold to the Investment Unit at the Social Security Corporation (SSC), with the government retaining 40% of the shares.

Also during the meeting, shareholders named their representatives on CEGCO’s new board of directors, namely Eng. Abdul-Rahim Alaween and Ms. Dina Dabbas, representing the government; Mr. Walid Morjan, representing SSC; HE Samir Al-Rifai, Ahmad Johari Yahya, Thomas Langford and Ismail Tahboub, representing Enara – Energy Arabia.

In his speech, Eng. Abdul Fattah Nosour welcomed the members of the general assembly and indicated that CEGCO contributes 80% of the power supply to consumers in the Kingdom. He noted that the company has demonstrated a remarkable performance over the past years, with performance indicators placing the figures the company has achieved within the range of favorable figures worldwide, and stressed that the company will press on with this approach with its new management.

Following the general assembly meeting, the first meeting for the new board of directors was held, with HE Mr. Samir Al-Rifai elected as chairman and HE Mr. Ahmad Johari Yahya elected as vice chairman. Eng. Abdul Fattah Nosour retained his position as General Manager and expressed his gratitude and thanks for the chair and members of the old board of directors for their efforts over the past three years, indicating that their directions were instrumental to the company’s significant progress and achievements in meeting the required power supply in the Kingdom, given the significant challenges including the growing demand for power supply. He also welcomed the chair and members of the new board of directors and stressed that all efforts will be exerted to ensure the progress and development of the company in line with the strategies and policies formulated by its board of directors.

In recognition of their exceptional efforts and by way of encouraging more dedicated performance, the new board of directors took a decision to offer all the company’s employees a month’s basic salary in bonus, in addition to a family and experience raise.

On this occasion, HE Al-Rifai, CEGCO Chairperson, said, “We are pleased that one of the first decisions of CEGCO’s new board of directors is to reward the company’s employees, who are credited with its remarkable performance.” He added, “This initiative heralds a new phase in the company. A committee will be formed to work year round on the professional excellence program, according to which bonuses will be presented upon merit, in line with HM King Abdullah II’s directives to provide equal opportunities and allow those who persevere to reap the fruit of their efforts and diligence.”