OREANDA-NEWS. United Development Company (UDC) announces the results of the Ordinary General Assembly Meetings held on Tuesday, 8/3/2016, where the General Assembly has approved the following:

1-    The Board of Director’s report on the company’s activities and its financial position for the financial year ending 31st December 2015, and the future plan of the company.

2-    The Auditor’s report on the fiscal year ending December 31, 2015, the Company''''s balance sheet, and the loss and profit accounts, for the fiscal year ending December 31, 2015.

3-    The Board of Director’s recommendation regarding the distribution of QR531,129,375 as dividends, equivalent to 15% of the initial value of QR1.5 for each share.

4-    Discharging Members of the Board of Directors from liability for the year ending December 31, 2015, and approve their remuneration.

5-    The Corporate Governance Report for the year 2015

6-    Election of the following Members of the Board of Directors for the new term (2016, 2017, 2018):

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Name

Representing

1

MR. TURKI MOHAMED KHALED AL-KHATER

General Retirement & Social Insurance Authority – Civil Pension Fund

2

MR. ABDULRAHMAN ABDULLA A N AL-ABDULGHANI

Himself

3

DR. THANI ABDUL RAHMAN SH A AL-KAWARI

General Retirement & Social Insurance Authority – Military Pension Fund

4

Mr. Abdulaziz Mohamed AL-Mana

Himself

5

MR. ABDULLA ALI A AL-ABDULLA

Himself

6

MR. ABDULRAHMAN SAAD Z ALSHATHRI

Himself

7

Lieutenant Colonel/Nasser Hamad A A Al-Sulaiti

Armed Forces Investment Portfolio

8

Mr. Nawaf Ibrahim Al-Mana

Himself

9

Mr. Ali Hussain I H Al-Fardan

Al-Fardan Holding Company

 

7-    Appointment of Ernst & Young as External Auditors for the fiscal year 2016 for a fee of QR320,000