OREANDA-NEWS. Qatari Investors Group announced the results of its extraordinary general assembly meeting dated April 12th, 2016, during which the following items were approved:

April 2016 has approved the items below as follows:

Amendment of Article (31) of the AOA of the Company based on the approval of the one third of the shares represented in the meeting.

Article (31) After Amendment

Article (31) Before Amendment

The company shall be managed by a board of directors comprised of five members; three of them shall be completely independent and elected by secret ballot by the General Assembly meeting of the Company.

Subject to the provisions of Article (32/3), a legal person can be represented by more than one seat within the board of directors in proportion to their respective shares in the company at the time of election to the total number of seats stated in the AOA, and the share ownership shall be deemed as a condition for maintaining the more than one seat within the board of directors.

The membership term shall be 3 years.

 

The company shall be managed by a board of directors comprised of seven members to be elected by secret ballot by the General Assembly meeting of the Company.

Subject to the provisions of Article (32/3), a legal person can be represented by more than one seat within the board of directors in proportion to their respective shares in the company at the time of election to the total number of seats stated in the AOA, and the share ownership shall be deemed as a condition for maintaining the more than one seat within the board of directors.

The membership term shall be 3 years.

 

The Extra-ordinary General Assembly Meeting of Qatari Investors Group held on 12th April 2016 has unanimously approved the following items:

 

  • Not to amend Article (3) of the AOA and shall be retained as it has been:

 

Article (3) Before Amendment

The Purpose of the Company

  1. Participate in the management of its subsidiary companies and provide the necessary support for them.
  2. Participate in the management of its subsidiary companies or the companies in which it holds shares.
  3. Own moveable and immoveable assets necessary to perform its business activities.
  4. Participating in founding public shareholding and limited liability companies within the state of Qatar.

Generally have the right to do all acts and actions necessary to achieve its objectives, the company shall not engage in any acts or activities contravene the provisions of the Islamic Shariah.

 

The amendment of the Company’s AOA to comply with companies Law No. 11 of 2015, subject to obtain all prior necessary regulatory approvals.

Delegating the Board of Directors full authorization to implement the decision pertaining to the aforementioned agenda items and finalize all procedures required by Government authorities.

Based on the majority of two thirds of the shares represented in the meeting, the Extra-Ordinary General Assembly of Qatari Investors Group has approved the item (mentioned here below) which has been suggested by Mr. Abdullah Taher, endorsed by Al Misnad Holding as shareholders and consequently being added to the agenda of the Extra-ordinary General Assembly Meeting given that they own together the percentage of shares required by law for such effect.

Non-objection for transferring all the shares of the companies which were mentioned in the Extra-ordinary General Assembly Meeting of 1st March 2015 to Al Misnad Holding and the reaffirmation of the current General Assembly on the resolution adopted at the meeting of 1st March 2015 for the same subject matter.