Category: QE News

Investment Holding Group Q.P.S.C announces the closure of the nomination period for four Independent members and seven Non-Independent members of the company’s Board of Directors for a term of three (3) years (2022-2025), on Wednesday 23rd of March 2022 at 2:00pm.

Accordingly, and based on the decision of the Board of Directors of Investment Holding Group Q.P.S.C. with reference number 69/2022, dated March 23, 2022, which accepted the candidacy of the thirteen candidates mentioned below, kindly find attached herewith the list of candidates for Independent and Non-Independent membership in the Board of Directors of Investment Holding Group Q.P.S.C., in accordance with article #5 of the Corporate Governance Code for Companies and Legal Entities Listed on the Main Market issued by Qatar Financial Markets Authority (QFMA) pursuant to Resolution No. 5 of 2016.

 

1.     Copy of the candidacy application.

2.     Copy of candidates’ resumes.

3.     Copy of the declaration of non-combination of positions.

4.     Copy of the acknowledgment of submitting a certificate of good conduct when the candidate wins.

 

The list of names and data of candidates for Independent membership in the Board of Directors of Investment Holding Group Q.P.S.C. is as follows:

Sheikh Suhaim Bin AbdulAziz Al Thani
–       Qatari

–       He holds a Bachelor’s degree in Business Administration and Marketing – Arab Academy of Sciences – Egypt.

–       He holds a Master’s degree in Business Administration- University of Plymouth – United Kingdom.

–       He is currently working in the position of managing the protocol for the visit and meeting of His Highness the Emir, in the Protocol Department at the Amiri Diwan.

–       Vice President of Qatar Sports Club.

–       Head of Al-Bidaa Group.

–  Chairman of the Board of Directors of Al-Bidaa Switchgear.

Mr. Ibrahim Abdulla Al-Abdulla

–       Qatari

–       He holds BA from the College of Science – Qatar University.

–       Director of the Regional Human Resources Offices at Qatari Diar Real Estate Investment Company.

Mr.Abdulla Darwish Al Darwish
–       Qatari

–       He holds a Bachelor’s degree in Business Administration from Northampton University – United Kingdom

–       He holds a Diploma in Business Administration from North Atlantic College.

–       Chairman of the Board of Directors of Energy City Company.

–       Member of the Executive Committee of Energy City Company.

–       Vice President of Al-Bidaa Group.

–       Vice Chairman of the Board of Directors of Al-Bidaa Electrical Switchgear.

–       Chairman and CEO of the Andalusian Hospitality Company – Malaga – Spain.

Dr. Bothaina Al Ansari
–       Qatari

–       She holds a PhD in Business Administration from Nottingham Trent University – United Kingdom.

–       She holds a master’s degree in business administration – Qatar University.

–       She holds a master’s degree in strategic planning – the American University – Cairo – the Arab Republic of Egypt.

–       Graduated from Qatar Leadership Center – Executive Program.

–       Adviser to the Chairman of the Board of Directors of Just State Real Estate Company.

–       Member of the Association to Promote the Role of Women in the

Astana International Exchange (AIX) and Qatar Stock Exchange (QSE) signed a Memorandum of Understanding (MOU) and agreed to establish cooperation in mutually beneficial areas. The MOU was signed by QSE’s Marketing and Communications Director Mr. Hussein Mohammad Al-Abdullah, representing QSE’s CEO Mr. Tamim Al-Kawari, and Mr. Renat Bekturov, CEO of AIX in the presence of the Kazakhstani delegation

 

Under the agreement, both parties will facilitate information and knowledge exchange regarding market operations within the respective legal and technical framework, joint research and educational initiative.

 

Tamim Al-Kawari, CEO of QSE, noted: “Our long-standing relationship with Kazakhstan and the AIX have been further enhanced by the signing of this MoU. We look forward to all that this collaboration can bring to the development of both our markets. Our aim is, and always will be, maintaining the integrity of the capital markets and providing the products and services available to investors, both domestic and international. This relationship will support that aim.”

 

Renat Bekturov, CEO of AIX, said: “Kazakhstan is happy to establish bilateral relationship with our peer in Qatar. We are looking forward to contributing to this partnership and forming a joint force in promoting capital market development. The following MOU not only opens a new chapter towards developing diversified and knowledge-driven collaboration between AIX and QSE, but also paves the  way for cross-border opportunities for investors from Kazakhstan and Qatar.”

 

The agreement lays a solid foundation for the cooperation between emerging economies, particularly in capital markets. Via QSE, one of the hubs for Islamic Sukuk in the world, AIX is to bolster its involvement in developing and promoting Islamic finance through sharing information and expertise pertaining to its activities.

 

AIX listed its first Islamic finance compliant Sukuk issued by the Qatar International Islamic Bank (QIIB) in March 2020 and continues to express a particular interest in Sharia-compliant products.

Qatar Fuel Co. announces that the conference call with the Investors to discuss the financial results for the Quarter 1 2022 will be held on 14/04/2022 at 11:00 AM , Doha Time.

 

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Qatar Fuel Co. discloses its financial statement for the period ending 31st March 2022 on 13/04/2022.

 

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Qatar First Bank (QFC) announces the results of the EGM. The meeting was held on 23/03/2022 and the following resolution were approved

 

1-      Approved (subject to obtaining all relevant regulatory approvals) the proposed changes to the Bank’s Articles of Association (“AoA”) in accordance with the Law No. (8) of 2021 amending certain provisions of the Qatar Commercial Companies Law No. (11) of 2015 to the extent applicable to companies established in the Qatar Financial Center and in accordance with Article 5 of the QFMA Offering and Listing Rules.

2-      Authorized the Chairman or who he delegates to sign the approved amended Articles of Association and obtain all necessary approvals required to facilitate registering and approving the amended Articles of Association by the relevant authorities including but not limited to Qatar Financial Center (“QFC”), Qatar Financial Markets Authority (“QFMA”), and Qatar Exchange (“QSE”), Qatar Central Securities Depository (“QCSD”) and authorize the Chairman or who he delegates to take all necessary action in order to obtain the required approvals from the relevant authorities  relating to the approved amended Articles of Association including authorizing the Chairman and who he delegates to make any amendments, additions, or reinstate any of the articles from the previous Articles of Association (if required) in accordance with instructions from the relevant authorities and/or to comply with applicable rules and regulations at QFC including the Companies Registration Office (“CRO”) at QFC and/or QFMA in order to complete and finalize the approval of the amended Articles of Association. In addition, by virtue of this authorization granted by the General Assembly during this EGM, the Chairman or who he delegates is authorized to do as stated above without the need to obtain approval and authorization from the shareholders and/or EGM and shall exercise such authority  by virtue of this resolution to amend, add, or reinstate articles from the previous Articles of Association in the approved amended Articles of Association, and the Chairman’s signature and the signature of whom he delegates shall be valid and binding to the Bank and the shareholders.

 

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Qatar First Bank (QFC) announces the results of the AGM. The meeting was held on 23/03/2022 and the following resolution were approved

 

1.      Approved the Chairman’s report on the Bank’s activities and the financial position for the financial year ended 31 December 2021, and the Bank’s business plan for the year 2022.

2.      Approved the report of the Shari’a Supervisory Board of the financial year ended 31 December 2021.

3.      Approved the External Auditor’s report on the Bank’s Financial Statements for the year ended 31 December 2021.

4.      Approved the Bank’s consolidated and audited financial statements, including the profits and losses report, and balance sheet, for the financial year ended 31 December 2021.

5.      Approved the Bank’s Annual Report for the financial year ended 31 December 2021.

6.      Approved the proposal of the Board of Directors not to distribute dividends and not to take optional reserves for the financial year ended 31 December 2021.

7.      Approved discharging the members of the Board of Directors from any liability in relation to their duties and responsibilities for the financial year ended 31 December 2021 and approved the Board’s recommendation not to award bonuses to the board members for the financial year ended 31 December 2021.

8.      Approved the Bank’s Corporate Governance Report for the year 2021 and the External Auditor’s independent report on the effectiveness of the design, implementation, and operation of ICOFR and compliance with QFMA’s corporate governance regulatory requirements.

9.      Approved all major transactions undertaken by the Bank during the financial year ended 31 December 2021.

10.   Approved renewing the appointment of Ernst & Young as the Bank’s auditors for the financial year 2022 and approved their fees as per the recommendation of the Board.

11.   Elected five board members (Independent and Non-Independent) through an uncontested election in accordance with the applicable rules and regulations for a period of three years and ratified the appointment of two board members made by the Bank’s Strategic Shareholders in accordance with article 34.2 of the Bank’s Articles of Association for a period of three years:

Independent Board Members:

1.      Mr. Ibrahim Mohamad Ibrahim Jaidah;

2.      Mr. Mohamed Yousef Al Mana;

3.      Mr. Mohammed Nasser Al Hajri.

 

Non-Independent Board Members:

1.      Shift Company W.L.L. represented by Eisa Mohamad Al-Mohannadi;

2.       Al Wajba Business Development represented by Saad Nasser El Kaabi.

 

Board Members appointed by the Bank’s Strategic Shareholders (Al Zubara Real Estate Investment Company W.L.L and Broog Trading Company W.L.L.)

1.   H.E. Sheikh Faisal bin Thani Al Thani appointed by Al Zubara Real Estate Investment Company W.L.L.;

2.  Mr. Jassim Mohamad Al -Kaabi appointed by Broog Trading Company W.L.L.

 

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Zad Holding Co. announces that the conference call with the Investors to discuss the financial results for the Annual 2021 will be held on 28/03/2022 at 01:30 PM , Doha Time.

 

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Zad Holding Co. announces that the General Assembly Meeting AGM and EGM will be held on 18/04/2022, Zad HQ and 09:30 PM. In case of not completing the legal quorum, the second meeting will be held on 25/04/2022, Zad HQ and 09:30 PM

 

Annual General Meeting Agenda:

1.     Hearing the Board of Directors report on the company performance for the financial year ended 31st December 2021 and the company outlook.

2.     Hearing the External Auditor’s report on the financials of the company for the year ended 31st December 2021.

3.     Discuss and approve the financial report of the company for the year ended 31st December 2021.

4.     Approve the recommendation of the Board of Directors to distribute dividends of 65% cash and 5% bonus shares for the financial year 2021.

5.     Absolve the Members of Board of Directors from all responsibilities for the financial year ended 31st December 2021, and approve their remunerations.

6.     Approve the Corporate Governance Report of the year 2021.

7.     Appoint an External Auditor for the financial year 2022 and approve their fees.

Agenda of the Extraordinary General Meeting:

1.     Approve the amendment of the company Articles of Association (AOA) by increasing the share capital by 5% in light of the bonus shares distribution resolved by the AGM.

2.     Approve the amendment of the company AOA in compliance with Law number 8 for 2021 and the Corporate Governance Code of QFMA.

3.     Delegation of the Board of Directors to carry out all necessary amendment in the AOA according to the resolutions of the EGM.

The Annual General Assembly (AGM) of Salam International Investment Ltd. (SIIL) held its “Ordinary” meeting on Wednesday 23rd of March 2022, to review and discuss the items listed on its Agenda, and enacted the following resolutions:

1 – The Board’s Report and The Future Plans:-

The AGM approved the Board’s report on the Company’s performance and its financial position for the year ending on 31st December 2021, in addition to the Company’s future plans.

2 –  Auditors’ Report and Consolidated Financial Statements:-

After hearing the Report of the Auditors, M/s Ernst & Young, on the Company’s consolidated balance sheet and Profit & Loss Statement for the year ending 31st December 2021, the AGM approved the above financial statements, which showed a Net Profit of QR 59 million. The AGM decided to keep the profits, so that the Company can invest them and/or use them to reduce the debt ratio.

Furthermore, the AGM approved the Independent Auditor’s report on the Company’s consolidated financial statements, and the disclosures contained in the notes annexed to the financial statements as well, including the disclosures related to SIIL’s subsidiaries and loans.

3 – Absolve the Company’s Board Members: –

Following the approval of the financial statements and the auditor’s reports, the AGM decided to absolve the Board members from liability for the financial year ending 31st December 2021.

4 – Appointment of Auditors for the Year 2022: –

After reviewing the offers received from international auditing firms, which are licensed by the Qatar Financial Markets Authority (QFMA), and as per the recommendation of the Board of Directors, the AGM decided to appoint M/s KPMG as the Company’s Auditors for the year 2022.

5 – Authorization Granting the Board Control over the Company’s Real Estate and Loan Contracts: –

The AGM approved to renew the authorization granted to the Board to dispose, in all aspects of disposal, the properties owned by the Company and its subsidiaries, including: purchase, sale, lease, and mortgage. In addition, the AGM renewed its approval with regards to executing loan contracts, issue of letters of guarantee and securities to obtain bank facilities that are necessary for the operation of the Company and its subsidiaries, and for the finance of its future projects, also for loans consolidation and rescheduling. In addition to authorizing the Chairman of the Board to grant a special Power of Attorney to one of the Board members or Executive Directors of the Company; whether collectively or individually, to execute the above resolution on real estate and loans.

6 – Annual Corporate Governance Report (2021): –

The AGM viewed and approved the twelfth (2021) annual Corporate Governance report.

7 – Joint Venture with Salam Bounian: –

The AGM approved to renew its approval with regards to authorizing the Board to enter into a joint venture with the sister company Salam Bounian, also to execute loan contracts with them and issue necessary letters of guarantee and joint guarantees.

It is worth noting that the Extraordinary General Assembly was postponed to next Tuesday, 29/03/2022, as the quorum required for the convening of the Extraordinary General Assembly to be valid was not complete.

 

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Doha Bank announces the results of the AGM and EGM. The meeting was held on 23/03/2022 and the following resolution were approved

 

Ordinary General Assembly of the Shareholders:

1.        The AGM has unanimously endorsed the Board of Directors’ Corporate Governance Report for the year 2021.

2.        The AGM has unanimously endorsed the balance sheet and the profit and loss accounts for the financial year ended on 31st of December 2021 and the Board of Directors “the BOD” recommendation to distribute cash dividends to shareholders for QR. (0.075) per share.

3.        The AGM has unanimously agreed to discharge the BOD from the liability for the fiscal year 2021 and to pay remunerations for the Board members for this year.

4.        The AGM has unanimously agreed to appoint “PWC” with fees amount QRs. 3,075,000 to audit the Bank’s accounts for year ending on 31/12/2022 including auditing the Islamic activities, foreign branches accounts (except for the Bank’s branches in India), Sharq Insurance Company accounts, Investment fund’s accounts and periodical reports as per QCB requirements during 2022 and Governance code for companies and legal entities listed in the main market issued by QFMA.

 

Extra Ordinary General Assembly of the Shareholders:

1.        The EGM has unanimously agreed to approve the proposed amendments to Articles (14, 16, 21, 23, 25, 26, 27, 31, 35, 37, 38, 41, 42, 43, 44, 48 and 55) of the Company’s Article of Association and add a new article under No. (26, repeated) in accordance with the amendment of the Commercial Law No. (8) for the year 2021.

2.       The EGM has unanimously agreed to authorize the Chairman and/or the Vice Chairman and/or the Managing Director to individually obtain the necessary approvals from the competent authorities, and make any modification to the Article of Association that might be required from any authorities and ratifying the authorization.