du’s second general assembly meeting a huge success

du’s second general assembly meeting a huge success
Management and shareholders endorse company’s sales growth of 254%
 
The second general assembly meeting of du, the UAE’s new telecom operator, was convened in the presence of shareholders representing 82% of the company's capital. The meeting which was a resounding success presented an opportunity to record the company’s high growth in the first year of operations.
 
The meeting was chaired by Khaled Ali Al Bustani deputy chairman and chairman f the assembly and attended by the du board of directors, Osman Sultan, CEO of du, Mahmoud Hussain, Company Secretary and Andrew Robinson, partner, KPMG.
 
Endorsing du’s noteworthy growth over the past year Khaled Ali Al Bustani, Chairman of the Assembly said, “Our first year of operations has been a resounding success. We clocked 254% growth in sales and built up a customer base of over 1.5 million in just 11 months. This has given us a solid foundation to build on, as we roll out the rest of our products and services.”
 
“It is very gratifying for us to see that over 82% of our shareholders have attended the meeting today, expressing their interest in knowing more about the company’s growth. I would like to thank each of them on behalf of members of the board and management,” he added.
 
du has set a precedent by being the first operator to enter such a highly penetrated market. This was an immense challenge that the entire team took head on and proved that they could live up to their promises. du's infrastructure today covers 90% of the UAE’s population. Bustani also commented on the formula that has resulted in du's success, saying it is good to know that du's commitment to focusing on enriching the customer experience and constantly responding to their feedback is the right approach, as has been demonstrated by their success.
 
du's strategy in 2008 is a continued focus on presenting relevant products to the market place, offering even more choice to customers. The Telco is leveraging their innovative technology platform to deliver enriched propositions and lifestyle-orientated applications, which will enable them to continue to deliver sustainable growth and efficiency in order to maximize value to their shareholders.
 
The agenda of the meeting included presenting the auditor’s report for the full year, securing the approval on du’s financial statement and discharging the auditors from their liability. The Board of Directors also announced their decision to re-appoint KPMG as their auditor for 2008.