OREANDA-NEWS. Medicare Group announced the results of its extraordinary general assembly meeting dated April 19th, 2016, during which the following items were approved: 

  1. Looking into the BOD’s recommendation to amend Medicare Group’s Article of Association to become in line with the new corporate law No. 11/2015; and as per the template issued by the Ministry of Economy and Commerce. 
  1. To discuss BOD’s recommendation to amend Article (8) of the Article of Association which states: “The maximum limit of shares’ ownership by an individual or corporation has been fixed to 10% of company’s total paid shares”; to read:-
  • The maximum limit of shares’ ownership by an individual or corporation has been fixed to 25% of company’s total paid shares.
  • * The maximum limit of shares’ ownership by non-Qatari individual or corporation has been fixed to a percentage not exceeding 49% of company’s total paid shares.
  • * GCC nationals shall be treated similar to Qatari nationals with regards to shares’ ownership. 
  1. To discuss the BOD’s recommendation to amend the particular clause relating to the minimum number of shares’ ownership requirement for nomination to the BOD membership; and to change paragraph (3) of Article (30) of the Article of Association which states: “to be an owner of minimum of 0.25% of company’s shares…” to read: “to be a shareholder and an owner of minimum of 50,000 (Fifty Thousands) shares of company’s shares…”. 
  1. To discuss BOD’s recommendation to amend Article (29) of the Article of Association which states: “A Board of Directors of (11) members elected by a General Assembly Meeting through secret balloting resides and assumes the management of the company…” to read: “A Board of Directors of (7) members elected by a General Assembly Meeting through secret balloting resides and assumes the management of the company…”.
  2. To decide regarding BOD’s recommendation to authorize the Chairman/Vice-Chairman of the BOD to sign-off the amended Article of Association for Medicare Group.