The Qatar Oman Investment Company announces the results of the AGM and EGM held Monday, 21/3/2011 has previewed the below items:
Decision of the Ordinary General Assembly :
1-At the beginning the Chairman delivered his speech, by welcoming the attendees and explained the activities of the company addition the final financial statements ending 31 December 2010 . He was also explain the company future plan
2- The External Auditor explained the budget of the company and the accounts which presented to them by the Board of Directors and approved it .
3- Discussion of the audited the financial statement and profit and loss statement for the year ended December 31, 2009, the profit reached QR 13,528,546 and approve it .
4- The General Assembly approve the Board recommendation to distribute of 5% cash dividends which representing 50 Dirhams per share in addition to distribution 5% Bonus share which representing 1.5 million shares and presented to the non – ordinary Assembly meeting for increase the capital and number of shares .
5- The General Assembly discharge the Board Members for the financial year ended December 31, 2010.
6- Proposal for the appointment of External auditor for 2011 and determined the annual fees (Delliote & Touche)
Decision of the Extraordinary General Assembly :
According to Board recommendation to the General Assembly Meeting According agreed to pass the resolution to Non – Ordinary meeting .
1 – The Boars approve to Increase of paid – up Capital of 1,5 million shares which represents 5% of paid – up capital .
Total capital will end up by QR 315 million divided by 31.5 million shares .
Accordingly Article of Association and joint venture will be amended .
2- The Board discussed the Amendment of article ( 8 ) of joint venture agreement defining minimum ownership of share by each shareholder as follows :
” Maximum ownership of share by each shareholder will be 5% of total shares ( 31.5 million shares ) and minimum ownership 200 shares , whereas, not allowed for any ordinary person or any entity to hold more than 5% and less than 200 share .
The shareholder are requested to re-adjust their position within one year from the date of the decision .
Exceptions :-
1- Inheritage and custodiam
2- Qatar Investment authority ( QIA ) is allowed to own shares in the company up to 20% of paid – up capital , also the Government of Sultanate of Oman allowed to own 20% of paid – up capital .
All portfolio Investment considered as one portfolio , if managed by one ordinary person or if the founder in each portfolio one ordinary person .
In both cases , not allowed for Group investors to own more than 5% of total company shares .
And after that decided that to approve of the amendment of Article No. (8) of the Statute of joint venture agreement defining minimum ownership of share by each shareholder