OREANDA-NEWS. Gulf Warehousing Company announced the resolutions of AGM & EGM Meetings held Monday 14th February 2016.  The following resolutions were passed: 

AGM : 

First: Management Report and Future Plan:

The AGM heard the management report on the company activities and its financial position for the year ended 31.12.2015.
 
Second: Discussion of Auditors’ report and Company’s Financial Statements:

The AGM heard the auditors’ report, by KPMG, on the company balance sheet and profit and loss account of the financial year ended 31.12.2015.
The AGM approved company balance sheet and profit and loss account of the financial year ended 31.12.2015, the AGM approved the Auditors’ Report on the Company’s Financial Statements. 

Third: Discussion of Company’s Financial Statements & Bonus approval:

The AGM discussed the balance sheet and profit and loss account and agree on the distribution of cash dividends on the value of QR (1.50) per share by 15%.

 Fourth: Absolving BOD Members from responsibilities for transactions:

The AGM absolved the BOD Member from responsibilities for transaction for the year ended 31.12.2015. 

Fifth: Appointment of External Auditors for the year 2016:

The AGM decided to appoint KPMG as External Auditors for the year. 

Sixth:  Corporate Governance Annual Report for 2015:

The AGM heard the Corporate Governance Annual Report for 2015. 

 EGM: 

First: Foreign Ownership Limit Increase to 49% of the company’s capital

The EGM heard the management report on the Foreign Ownership Limit Increase to 49% of the company’s capital, as stated by Law No. 9 of the Year 2014, which states:

“Non-Qatari investors may own shares that do not exceed 49% of the total capital of any Qatari Shareholding Company listed on the Qatar Exchange, and that is after the approval of the ministry on the proposed rate of foreign ownership suggested in the company’s Articles of Association and by-laws. Non-Qatari investors may own more than the suggested rate, after approval from the parliament, based on the suggestion of the minister. The nationals of Gulf Cooperation Council Countries shall be treated as Qatari nationals in terms of rates of ownership in the shares of companies listed on the Qatar Exchange.”


Second: Amend the company’s by-laws and Articles of Association: 

Amend the company’s by-laws and Articles of Association in line with the provisions of the New Companies Act issued by the Ministry of Economy and Commerce No (11) for 2015.