Solidere Quarterly 3 2009

IN & ABOUT
THE CITY CENTER
01
02
03
04
05
Visitors
Official
Colombian Vice-President
Dr. Fransisco Santos Calderon
with ambassador Rida Mariette
Al Jure Salamé; Montenegro
spatial planning & environment
minister Branimir Gvozdenovic,
with tourism development
project coordinator Rade
Ljumovic, foreign affairs director
for consular affairs Zeljko
Stamatovic and honorary consul
general Marwan Paul Kebbe;
Brazilian ambassador Paulo
Roberto Tarrisse da Fontoura;
Canadian ambassador Martial
Pagé; Turkish ambassador
Serdar Kilic; Saudi ambassador
in Paris Mohamad Al Sheikh with
Saudi official Saoud Al Malki;
Mayor Lambros Tapinos and
councilor Anthony Helou,
Moreland, Australia.
Business and delegations
Chief executive Adrian Wyatt,
deputy chief executive Nick
Shattock and finance director
Rebecca Worthington, Quintain
Estates, with Buddy Soubra from
Merchant Bridge, UK; UK Trade
and Investment country manager
Karen Neal; Le Gray Hotel
general manager Hector de
Galard with a delegation; Fnac
president-CEO Christophe
Cuvillier with secretary general
Didier Couerbe, international
franchise manager Edouard
Cassignol and SCC international
retail development Melanie
Robert; Mary Gray, chairperson,
Amideast board of directors, US;
Aurélie Boisselet from Groupe
Setec, France; Blackpearl
Romania, chief executive officer
Ali Chemais and communication
director Prince Michael de
Laufenbourg, president Irinel
Columbeanu, Turbocim;
Michael Aniftos and Kyriazi
Anghelopoulos, area managers,
Pafilia property developers,
Cyprus; 10 members of Friedrich
Naumann Foundation for Liberty;
chefs Davide Bisetto, Italy, Alain
Reix and Dominique Bouchet,
France.
Professionals and academics
Architects Richard Rogers, UK;
Shigeru Ban, Japan; Henri
Rivière, Alain Moatti Architecture,
France; 12 architecture students,
University of Technology Sydney,
Australia; 40 MBA students,
Wharton University, US.
Media
Editor Georgika Aeby-Demeter,
Exclusif magazine, Switzerland;
Laurent de Saint Périer, Terra
Nueva Match special reports for
Paris Match, France.
06
01. Richard Rogers with Solidere
Chairman Nasser Chammaa
02. Serdar Kilic with ViceChairman Maher Beydoun
03,05,06. Ambassadors Al Sheikh,
Fontura, Pagé with AR Solh
04,07. Ambassador Al Jure
Salamé and vice-president
Calderon; Wharton delegation,
with Mounir Douaidy
Copyright 2009 © Solidere
The Lebanese Company
for the Development and
Reconstruction of Beirut
Central District s.a.l.
POBox 119493 Beirut
2012 7305 Lebanon
Tel 961 1 980650 - 980660
Fax 961 1 980661 - 980662
[email protected]
www.solidere.com
07
BUSINESS
& FINANCIAL NEWS
Development news
Annual general meeting
Board of directors
Dividend distribution
A 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.
Held on July 13, 2009, Solidere’s annual general meeting, presided over by
chairman 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 distribute
US$176,479,956 in the form of US$1.15 per share held, as per the
shareholders’ register at the general meeting date, with distribution to take
effect as of September 28, 2009.
The elected board of directors
met on July 13, 2009 after the
annual general meeting, and
took the following resolutions:
The dividend distribution
relating to fiscal year
2008 took effect starting
September 28, 2009, in
accordance with the annual
general meeting resolution.
Gave the chairman and members of the board of directors the authorizations
stipulated in Articles 158 and 159 of the Lebanese commercial code and
ratified the agreements signed with the Company.
Respectively elected Messrs.
Fadi Boustany and Maher
Beydoun as vice-chairmen,
and Raphael Sabbagha as
secretary-general.
Projects
BUA sq m
Status
247
47
10
24
39
13
9
1,040,401
524,461
30,188
240,838
639,476
472,778
21,377
Completed
Under construction
Under restoration
Under permitting
Under study
Sold plots
On hold
389
2,969,519
Total
Cleared the chairman and members of the board of directors of any liability
for matters relating to the Company management in 2008.
01,02. Port Street perspectives showing
Foch 94, Fochville and Foch Residence
03. Wafic Sinno Avenue perspective showing
Hilton Hotel, Avenue du Parc, Park View,
Four Seasons Hotel and Marina Tower
Elected Messrs. Nasser Chammaa, Maher Beydoun, Sami Nahas, Joseph
Asseily, Bassile Yared, Fadi Boustany, Sarkis Demirjian, Fouad El Khazen,
Raphael Sabbagha, Maher Daouk and Abdulhafiz Mansour as members of the
board of directors for a period of three years ending on the date of the annual
general meeting held to approve the financial statements of the year 2011.
Appointed Ernst & Young and Deloitte & Touche as auditors for a period of
three years ending on the date of the annual general meeting held to
approve the financial statements for the year 2011.
02
Volume
406,091
$29
400,000
$27
300,000
$25
200,000
$23
100,000
0
$21
1 Jul 09
30 Jul 09
28 Aug 09
30 Sep 09
Share B - Daily Closing Prices
Volume
$29
400,000
$27
300,000
$25
200,000
$23
100,000
0
$21
1 Jul 09
03
Upon the chairman’s
recommendation, Mr. Mounir
Douaidy was reappointed as
general manager for the
duration of the board’s
mandate.
A dividend of US$1.15
(US$1.09 after deducting the
compulsory 5% tax on profit
distributions) was distributed
for each share held, as per
the Shareholders’ register at
the general meeting date.
The total dividend distribution
amounts to US$176,479,956,
calculated on the number of
outstanding shares with the
exception of the balance of
treasury shares held by the
Company.
Share performance during the 3rd quarter 2009
Share A - Daily Closing Prices
01
Elected Mr. Nasser Chammaa
as chairman and general
manager for the duration of
his mandate.
30 Jul 09
Share price (US dollars)
28 Aug 09
Trading volume
30 Sep 09
Solidere shares traded within
a narrow band throughout
the quarter, as political
uncertainty kept most market
participants on the sidelines.
Having traded at a discount
from the shares, the GDRs
closed the quarter on a
positive note, after adjusting
to trade closely with the
underlying share.
The Company fundamentals
kept the shares strong,
however trading volume
remained subdued. Share A
fluctuated between a low of
US$22.54 and a high of
US$26.93, closing at
US$25.13, a 0.94% decrease
compared to the previous
quarter. Share B traded
between a low of US$22.66
and a high of US$26.75,
closing the quarter at
US$25.14, a 0.39% increase
over the previous quarter.
Trading activity decreased
during the quarter, with
around 9.5 million shares
of both classes traded in the
local market, 18% less than
in the previous quarter.
The GDRs traded in the
London Stock Exchange
followed the locally traded
shares, closing the quarter
at around US$25.1, a 4.8%
increase compared to the
previous quarter closing level.
THE ART
OF SHOPPING
Newcomers
Retail
Atelier Sola Design
Berluti
Boutique 1
Brioni
Envy
Gelco
Instruments Garage
Léticia
Lucia Bella
Nolita
Smart Gift,
International
Sophie’s Choice
Stun, Ed Hardy
Talaco
Taten
Toy Watch
Vintage Story
Vitra
Fairs, markets, etc.
Openings
Biel
Joaillerie Liban, July 20-24
Bokja boutique
Jadis boutique
Me Long Time Liner
Sabine Mazloum
Selection gallery
Starch second edition
Salon du Luxe, September 27-30.
Other
Afkart, art and crafts, July 1-5
Morrocan handicraft village, Saifi
tennis court, July 23 – August 3
Art Summer 2009, Aishti festival
including art, books and design,
Moutrane Street, July 15-19.
Opening soon
Akaber
Ayyam Gallery
Baldinini
Cat’s
Dior
Emme
Griffes
Houchaime
La Martina
Lancel
Limited Edition
Natuzzi
Nawbar jewelry
Pollini
Viviane Debbas
Restaurants
Baguette, café
Cremeria Vienna,
café
Fairuz
Lebneniyet
Taten café
Business/ services
Banque LibanoFrançaise
Al Amal pharmacy
Harb pharmacy
CULTURAL
AND SPIRITUAL
Spiritual & festive activities
Operation Antioche, 4th edition
of the Christian choir, Saifi
Village, July 8-12
Nouriya Chapel blessing:
archbishop Elias Audi led the
prayers for the chapel
inauguration, August 14
Sikkar Nabet, Ramadan lounge,
off Foch Street, near Biel,
August 29 – September 24
Children’s story telling through
the Holy month of Ramadan,
Al Omari Mosque
Eid El Fitr prayers and
celebrations.
Beirut Book Capital 2009
From the alphabet to the Nahda
aims at reviving Beirut’s heritage
through cultural and social
activities. A joint St Joseph
University - ALBA project, it was
launched on July 22 at Orient
Institut, with photos, lectures
and a tour of the historic Zokak
El Blatt quarter.
Virgin Megastore
Last Chance, The Middle East in
the Balance, booksigning by
David Gardner, July 23.
Exhibitions
Alwane
Contemporary Lebanese artists,
Basbous, Chafic Abboud, Amin
Bacha and Zeina Assi,
July 1 – October 30.
Save the environment
Environment awareness
photographs organized by
members of the Green Party,
September 11-13.
Pièce Unique
Lina Younis Talih, paintings,
July 2-11
Ceramic Lounge
Le réseau des arts, an exhibition
by students from Ghassan
Yammine, September 11-18.
Opera Gallery collection, 19th
and 20th century European
master artists, July 15-31
The road to illusion, photography
by Jay Styranka, August 5-15.
Aida Cherfan
Collective exhibition by Lebanese
and international artists,
July 1 – September 31.
Maqam art gallery
Rediscovering Vera Yeramian,
paintings, drawings and
sculptures, August – September.
FRANCOPHONE GAMES
Solidarity and Sustainable Development was the
theme of the Sixth Francophone Games, held in
Beirut from September 26 – October 6, which
involved international participants, athletes and
artists, from 70 countries.
Franco-Foire Beyrouth 2009 provided a preview,
July 10-12.
Village des Partenaires was the focus of cultural
events which stretched throughout the duration
of the Games. Together with street performances,
events in the city center also included:
The Waves, interactive installation by Thierry
Kunzel, 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.
Village des Partenaires
Creanumerica
Sautez, Jump, an interactive
space with visitors filmed and
edited versions screened in the
evening.
Exhibitions
Fleurs photovoltaïques,
Alexandre Dang, Belgium
delegation
Beyrouth in postcards, a historic
collection by Charbel Matta,
Lebanon
Photographs representing water
by Pascal Cornier, France
Lectures and round tables
Sports as factor of peace
between people
Plays, screenings and concerts
Classical concert by Union
Libanaise-Suisse
Sports, environment and
sustainable development
Mektoub Cyrano, play by Aziz
Hellal
Recreational goods and services:
stakes in business and business
negotiations.
Concert by Zeid Hamdan
Crafts
An area dedicated to artisans
from several Francophone
countries including Lebanon.
Concert by Belgian singer and
composer Derek Sein
Performances
Home, movie by Yann ArthusBertrand
Cyprus archeological sites,
photographs
Le Prophète, by Khalil Gebran,
performed by French and
Lebanese artists
Collection Monaco Autrement,
Franck Doat, Monaco.
Qui Sera Champion, quiz,
animated by Julien Lepers.
Reflexion, photographs, Hungary
Stand up comedy by Yass,
preceeded by Nasser Zerkoune
Repetition, interactive projection,
Vaceslav Druta.
MUSIC
& SHOWS
Biel
David Guetta, July 18
Mamma Mia on Ice Show,
July 23 – August 8
Pussycat Dolls, July 31,
Cattaneo, September 25.
City Center Dome
Tribute to Michael Jackson,
July 10.
Music Hall
Galvez & the National
Orchestra of Nowhereistan,
CD launching and concert,
July 29
AIR, Sepember 30.
Mouawad museum garden
Chansons et Nostalgie, Elie
Rizkallah, September 16.
Waterside Event Space
Sacha & Digweed first joint
performance in the region,
organized by Mix FM.
Brazilian Coffee Carnival
Street parade and Samba, in
collaboration with Brazilian
embassy, September 23-24.
IN & ABOUT
THE CITY CENTER
01
02
03
04
05
Visitors
Official
Colombian Vice-President
Dr. Fransisco Santos Calderon
with ambassador Rida Mariette
Al Jure Salamé; Montenegro
spatial planning & environment
minister Branimir Gvozdenovic,
with tourism development
project coordinator Rade
Ljumovic, foreign affairs director
for consular affairs Zeljko
Stamatovic and honorary consul
general Marwan Paul Kebbe;
Brazilian ambassador Paulo
Roberto Tarrisse da Fontoura;
Canadian ambassador Martial
Pagé; Turkish ambassador
Serdar Kilic; Saudi ambassador
in Paris Mohamad Al Sheikh with
Saudi official Saoud Al Malki;
Mayor Lambros Tapinos and
councilor Anthony Helou,
Moreland, Australia.
Business and delegations
Chief executive Adrian Wyatt,
deputy chief executive Nick
Shattock and finance director
Rebecca Worthington, Quintain
Estates, with Buddy Soubra from
Merchant Bridge, UK; UK Trade
and Investment country manager
Karen Neal; Le Gray Hotel
general manager Hector de
Galard with a delegation; Fnac
president-CEO Christophe
Cuvillier with secretary general
Didier Couerbe, international
franchise manager Edouard
Cassignol and SCC international
retail development Melanie
Robert; Mary Gray, chairperson,
Amideast board of directors, US;
Aurélie Boisselet from Groupe
Setec, France; Blackpearl
Romania, chief executive officer
Ali Chemais and communication
director Prince Michael de
Laufenbourg, president Irinel
Columbeanu, Turbocim;
Michael Aniftos and Kyriazi
Anghelopoulos, area managers,
Pafilia property developers,
Cyprus; 10 members of Friedrich
Naumann Foundation for Liberty;
chefs Davide Bisetto, Italy, Alain
Reix and Dominique Bouchet,
France.
Professionals and academics
Architects Richard Rogers, UK;
Shigeru Ban, Japan; Henri
Rivière, Alain Moatti Architecture,
France; 12 architecture students,
University of Technology Sydney,
Australia; 40 MBA students,
Wharton University, US.
Media
Editor Georgika Aeby-Demeter,
Exclusif magazine, Switzerland;
Laurent de Saint Périer, Terra
Nueva Match special reports for
Paris Match, France.
06
01. Richard Rogers with Solidere
Chairman Nasser Chammaa
02. Serdar Kilic with ViceChairman Maher Beydoun
03,05,06. Ambassadors Al Sheikh,
Fontura, Pagé with AR Solh
04,07. Ambassador Al Jure
Salamé and vice-president
Calderon; Wharton delegation,
with Mounir Douaidy
Copyright 2009 © Solidere
The Lebanese Company
for the Development and
Reconstruction of Beirut
Central District s.a.l.
POBox 119493 Beirut
2012 7305 Lebanon
Tel 961 1 980650 - 980660
Fax 961 1 980661 - 980662
[email protected]
www.solidere.com
07
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 commercial
mall, Beirut Souks are an open bazaar of the 21st century. Modern shopping and
leisure opportunities are enjoyed while preserving the intricate relationships of
urban market spaces within the city.