Results of the Ordinary and Extra-Ordinary General Assembly Meeting
Aamal Company QSC (“Aamal”)
ENDORSES ALL ITEMS ON ITS AGENDA AND APPROVES THE DISTRIBUTION OF 10% CASH DIVIDEND AND 5% BONUS SHARES
Doha, 17 March 2015 – Aamal Company Q.S.C. has held its Ordinary and Extra Ordinary General Assembly meeting on Monday 16th of March and has endorsed all items on its agenda.
Results of the Ordinary General Assembly Meeting:
- Hearing Chairman Report on the Company’s activities, financial position for the financial year ended 31st December 2014 and its business plan for the year 2015.
The Chairman, Vice Chairman and the Managing Director presented the board report on the Company’s activities, main achievements in 2014 and future plans.
- Hearing the external auditor’s report on the Company’s Financial Statements for the year ended 31st December 2014.
Representative of KPMG presented the auditor’s report for the year ended 31st December 2014.
- Discussing and approving the Company’s financial statements for the financial year ended 31st December 2014.
The financial statements for the year ended 31st December 2014 were discussed and the results were approved.
- Approving the Board of Directors proposal to distribute 10% cash dividend of the nominal value of the company’s share, which is equivalent to QAR one (1) per each share and bonus share of 5% of the nominal value of the company’s share. Such cash dividend and bonus shares shall be distributed among the shareholders, current at the date of the General Assembly Meeting.
The General Assembly approved the Board of Directors proposal to distribute 10% cash dividend of the nominal value of the company’s share, which is equivalent to QAR one (1) per each share and bonus share of 5% of the nominal value of the company’s share. Such cash dividend and bonus shares shall be distributed among the shareholders, current at the date of the General Assembly Meeting.
- Absolving members of the Board of Directors from their responsibilities for the fiscal year ended 31st December 2014, determine and approve their remuneration.
The General Assembly approved releasing the Chairman and the board members from liability for the financial year ended 31st December 2014 and also approved a remuneration of QAR200,000 for each member.
- Discussing the Company’s Corporate Governance Compliance Report.
The General Assembly has discussed and approved the Corporate Governance Compliance Report.
- Appointing an External Auditor for the financial year 2015 and approving the auditor’s fees.
The General Assembly approved the appointment of KPMG as auditors for the Company for the year 2015 with a fee of QAR 450,000.
Results of the Extra- Ordinary General Assembly Meeting:
- Discussing the proposal of the Board of Directors resolved on 10th of December 2014 to increase the allowed share percentages to be owned by foreign shareholders in the company's shares up to 49% of the total shares of the Company. This is in accordance with the provisions of Law No. 9 of 2014 amending some provisions of Law No. 13 of 2000 related to the foreign capital investment in economic sector.
The General Assembly approved to increase the allowed share percentages to be owned by foreign shareholders in the company's shares up to 49% of the total shares of the Company and all official requirements has been obtained from concerned parties.
- In the event of approving the above proposal by the Extra-Ordinary General Assembly; discussing the amendment of Article (22) of the Articles of Association by adding second paragraph to be read as follows:
(As stipulated in these articles, each share entitles its owner an equal right equivalent to the other shares in the company’s properties and the distributed profits without differences. In accordance with Law no. (9/2014) which amended certain provisions of Law no. (13/2000) related to the investment of non-Qatari capital in the economy; it is permitted for the non-Qatari investors to own up to (49%) of the company’s capital).The General Assembly approved the amendment of Article (22) of the Articles of Association by adding second paragraph to be read as follows:
(As stipulated in these articles, each share entitles its owner an equal right equivalent to the other shares in the company’s properties and the distributed profits without differences. In accordance with Law no. (9/2014) which amended certain provisions of Law no. (13/2000) related to the investment of non-Qatari capital in the economy; it is permitted for the non-Qatari investors to own up to (49%) of the company’s capital).
- Approving the suggestion of the Ordinary General Assembly Meeting to increase the share capital of the Company by 5% aggregating to 30,000,000 shares to become 630,000,000 shares.
The General Assembly approved to increase the share capital of the Company by 5% aggregating to 30,000,000 shares to become 630,000,000 shares.
- Amending Article 6 of the Articles of Association to increase the share capital of the Company by 5% aggregating to 30 million shares with a nominal value of QAR 300 million. The share capital will become QAR 6,300,000,000 distributed over 630,000,000 shares and to authorize the Board of Directors to manage the fraction of the shares.
The General Assembly approved the amendment to Article 6 of the Articles of Association as follows:
The provision of Article 6 before incorporating the proposed amendment:
“The Company’s capital has been fixed at QAR 6,000,000,000 divided into 600,000,000 shares, the nominal value of each share is QAR 10, in addition to issuance fees of 1% of the nominal value of the Company’s shares.”
The provision of Article 6 after the proposed amendment:
“The Company’s capital is QAR 6,300,000,000 (Six Billion and three hundred million Qatari Riyals), divided into 630,000,000 ordinary nominal shares, the value of each share is QR10 (Ten Qatari Riyals).”
The distribution of dividends cheques to shareholders for the financial year ending 31 December 2014 will start on Sunday 22/3/2015 during the Company’s official working hours.
Shareholders are kindly requested to contact Shareholders Relations Department in main the offices located in Al Dafna area, Marriott Marquis City Center Hotel, office entrance 22 floor, to collect their cheques starting on 22nd of March 2015.
For further information, please call 44223888 or 44223870.
