The Board of Directors of Qatar Industrial Manufacturing Company (QIMC) held its first meeting of 2019 on Sunday 10/02/2019. H.E. Sheikh Abdul Rahman bin Mohammed Bin Jabor Al Thani – Chairman of the Board presided over this meeting and adopted the final consolidated financial statements for the year ending 31/12/2018. After the meeting, H.E. the Chairman of the Board was pleased to announce that the company has achieved a net profit of QR 200 million, compared to QR 206.1 million for the same period in 2017. The total equity of the company’s shareholders is QR 1,628,702,721 compared to QR 1,575,130,548 for 2017. The earnings per share (EPS) has reached 4.21 riyals compared with 4.34 riyals for the same period of 2017.
H.E. the Chairman of the Board also explained that the Board of Directors has agreed to convene the Ordinary and Extraordinary General Assemblies to be held on Sunday 10th March 2019 at 4:00 pm in Radisson Blu Hotel, Giwana Ballroom to submit recommendations for the distribution of (25%) Cash Dividend and the adoption of the following agenda. In the absence of Quorum, the meeting will be conducted on 17th March 2019 at 4.00 pm at the same venue.
Ordinary General Assembly:
- Confirmation of the Quorum
- Hearing of the Board of Directors’ report on the Company’s activities, its financial position for the financial year ending December 31st, 2018 and its future development plans.
- Hearing of the Auditors’ report on the Company’s final accounting statements for the financial year ending December 31st, 2018.
- Discussion and approval of the Company’s consolidated Balance Sheet and Profit & Loss Account for the financial year ending December 31st, 2018.
- Adoption of the Board of Directors’ resolution to distribute (25% of nominal shares i.e. QR 2.5 per share) as dividend for the financial year ending December 31st, 2018.
- Absolve Board Members from liability for the financial year ending December 31st, 2018 and determination of their remunerations.
- External auditors’ appointment for the financial year 2018 and determination of their remuneration.
- Discussion and approval of Corporate Governance report of the company for the year 2018.
- Election of members of the Board of Directors for the next three years.
Extraordinary General Assembly Agenda:
- To consider and approve the split of the par value of the ordinary share to be QR 1 instead of QR 10, as per the instructions of Qatar Financial Markets Authority, and amendment of the following Articles in the Company’s Articles of Association as shown below:
|Existing Article (Article No. 6)||Proposed Articles|
|The capital of the Company is in the amount of QR 475,200,000 (Four hundred seventy five millions two hundred thousand Qatari Riyals), divided into 47,520,000 (Forty seven million five hundred twenty thousand) shares of QR 10 (ten Qatari Riyals) nominal value.||The capital of the Company is in the amount of QR 475,200,000 (Four hundred seventy five millions two hundred thousand Qatari Riyals), divided into 475,200,000 (Four hundred seventy five millions two hundred thousand) shares of QR 1 (one Qatari Riyals) nominal value.|
|Existing Article (Article No. 30)||Proposed Articles|
|A member of the Board of Directors shall: 1. 2. 3.Be a shareholder and hold at least 20,000 (twenty thousand) shares in the Company’s share capital.||A member of the Board of Directors shall: 1. 2. 3.Be a shareholder and hold at least 200,000 (two hundred thousand) shares in the Company’s share capital.|
- Approve the amendment of the Articles of Association of the Company in respect of the ownership of the State of Qatar’s shares in the Qatar Industiral Manufacturing Company to be registered in the name of Qatar Holding wholly owned by the Qatar Investment Authority, the original owner of these shares under the provisions of Emiri Decree No. 22 of 2005 establishing Qatar Investment Authority as the owner of these shares.
On this occasion, H.E. Sheikh Abdul Rahman Bin Mohammed Bin Jabor Al Thani, Chairman of the Board of Directors expressed his deep gratitude for the kind patronage and continuous support of H.H. Sheikh Thamim Bin Hamad Al-Thani, Emir of Qatar and H.E. Sheikh Abdulla Bin Nasser Khalifa Al-Thani, Prime Minister and Minister of Interior.