Category: QE News

Ooredoo announces the results of the AGM and EGM. The meeting was held on 08/03/2022 and the following resolution were approved

 

·       Hearing and approving the Board’s report for the year ended 31 December 2021 and discussing the company’s future business plans.

·       Discussing the Corporate Governance Report for the year 2021.

·       Hearing the External Auditor’s report for the year ended 31 December 2021.

·       Discussing and approving the company’s financial statements for the year ended 31 December 2021.

·       Discussing and approving the Compliance report of the QFMA Corporate Governance and Internal Control over Financials Reporting report for the year ended 31 December 2021.

·       Discussing and approving the Board of Directors’ recommendations regarding the distribution of dividends for the year 2021.

·       Discharging the members of the Board from liabilities and determining their remuneration for the year ended 31 December 2021.

·       Appointing the external auditor for the year 2022 and determining its fee.

 

The following points were approved in the Extra Ordinary Meeting:

·       Approval of the amendments of the Company’s Articles of Association to comply with commercial companies law no. (11) for 2015 and its amendments by law no. (8) for 2021, and authorize the Chairman of the Board to do so. The following are the articles that will be amended: article 1, article 5, article 21, article 22, article 23, article 29, article 32, article 37, article 41, article 45, article 51 and article 55.

 

·       Addition of the following article to the Articles of Association:

 

Article (36): It is not permissible for the Chairman and members of the higher executive management to take part in any business that may compete with the company, or trade for his own interest or for the interest of others in any activity that is practiced by the company, unless an approval to do that is obtained from the general assembly, otherwise the company may claim compensation from him, or consider that the deeds conducted were done for the company’s account

 

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Qatar First Bank (QFB), announced that it has received the regulatory go-ahead to proceed with its ‘Rights Issue,’ as approved by the shareholders at the bank’s recent concluded Extraordinary General Meeting (EGM). Held on 22 September 2021, the EGM resolved to increase the bank’s capital from QAR 700 million up to QAR 1.120 billion, representing a 60% increase from the current nominal paid-up share capital, by way of offering 420 million new ordinary shares for subscription by means of a rights issue.

The bank’s shareholders, who are registered in the shareholders’ register with Qatar Central Securities Depository (QCSD), will be given the right to subscribe to the new shares at close of trading on Sunday, March 13, 2022. Any person holding Subscription Rights at the end of the trading period on Tuesday, March 29, 2022, either by receiving them in their capacity as an eligible shareholder or through buying them during the trading period (a “Holder of Subscription Rights”) will be entitled to subscribe to the new shares. The new shares will be offered at a price of QAR 1 nominal value plus QAR 0.2 premium per share. The premium is inclusive of issuance costs not exceeding 1% of the value of subscribed shares

Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “We are very happy to announce the bank’s capital increase which comes at a time where QFB is seeing an increase in profitability and sustainable investment expansion in Qatar and other global markets over the past two years. Through this strategic directive, the bank will enjoy a stronger capital base thus enabling our strategic growth plan. We expect to see further enhancements in the bank’s performance in the upcoming years, repositioning our bank as a regional player in the Shari’a compliant banking universe, guided by the board of directors’ vision.”

Trading of the Subscription Rights will commence on Wednesday, March 16, 2022, and end on Tuesday, March 29, 2022. Thereafter, the subscription period for Holders of Subscription Rights will start on Wednesday, April 6, 2022, and will end at 1.00pm Doha local time on Tuesday, April 19, 2022.

QFB has recently announced its financial results for the year ending 31 December 2021, recording the bank’s highest ever net profit attributable to equity holders of the bank of QAR100.37 million in the previous 6 years. QFB was able to overcome the challenging market conditions, improved its operational efficiency, and diversified its products and services, owing to its new leadership and strategic direction. The bank maintained a sustainable fee income stream, dropped funding costs, and has maintained a well-managed deposits book, resulting in a stronger balance sheet and healthy liquidity position for the year.

Qatar First Bank LLC (Public) is the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).

 

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In celebration of International Women’s Day, Qatar Stock Exchange (“QSE”) today joined 118 exchanges around the world in raising awareness on gender equality in the equity market space.

Sheikha Alanoud bint Hamad Al-Thani, the Deputy Chief Executive Officer and Chief Business Officer of Qatar Financial Centre (QFC), along with other female staff rang the bell at market opening to celebrate women’s contributions around the world to build a more sustainable future for all.

Hussain Al-Abdulla QSE’s Marketing and Communication Director said “The commemoration of the International Women’s Day by Qatar Stock Exchange expresses our belief in the importance of women role in supporting sustainable development and economic activity. We are proud of the achievements of Qatari women in various political, economic, health, social and educational fields, and their contribution to the realization of the human pillar of Qatar National Vision 2030. ”

“QSE has a clear interest in empowering women to carry out pioneering tasks in the Qatari capital market. The Stock Exchange believes in the importance of women participation in the stock market, economic activity, sustainable development and innovation.” Al-Abdulla added.

Qatar International Islamic Bank: Annual General Meeting (AGM) of QIIB was held on Monday (07/03/2022) headed by H.E Sheikh Dr. Khalid Thani Abdullah Al Thani and the following resolution were approved.

1) The Board of Directors presented its report over the bank’s activities and the financial position for the year ended 31/12/2021, which includes the bank’s future strategies.
2) Sharia Supervisory Board presented their report for the year 2021.
3) Approval on External auditor’s report for the financial year 2021.
4) Approval on Corporate governance report for the year 2021;
5) Approval of the bank financial statements for the year ended 31/12/2021.
6) The General Assembly the board of directors’ proposal to distribute 37.5% cash dividends of the nominal value per share, (i.e. QAR 0.375 per share).
7) The General Assembly discussed and approved to discharge the Chairman and Members of Board of Directors from all responsibilities for the financial year ended on 31/12/2021 and approved the board and chairman remunerations.
8) The General Assembly approved the appointment of Qatar Islamic Insurance company to manage the real estate portfolio of AL-Tasheelat company.
9) The General Assembly discussed and approved the board recommendation to issue Sukuk qualified as Tier 2-Capital up to one billion (US$ 1.0 billion); and after obtaining the necessary approvals from the supervisory authorities providing that, the conditions and size of the issuance will be subject to a study of the bank’s needs and market conditions.

10) The General Assembly discussed and approved to extend last year AGM approval of the US$ 2.0 billion Sukuk program, and delegate the bank board of directors’ to decide the size of each issuance, terms and conditions, issuance currency after getting all necessary approvals from supervisory authorities.
11) The General Assembly discussed and approved the recommendation to extend last year AGM approval to issue Additional Tier-1 Sukuk nonconvertible with the same rules and regulations.
12) The General Assembly approved to appoint Price Waterhouse Coopers Company as the bank’s external auditors for the year 2022.

Extraordinary General Assembly (EGM):

Due to the lack of legal quorum required for the EGM, the EGM has postponed the second (reserve) meeting will be held at the same time (virtual meeting) on Sunday, March 20th , 2022.

 

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1- Abdulrahman Saad AlShathri

2- Abdulrahman Abdulla Al-Abdulghani

3- Ali Hussain Al-Fardan

4- Abdulaziz Mohamed AL-Mana

5- Ibrahim Jassem Al-Othman Fakhroo

6- Shiekh Faisal Fahed Al Thani

7-  Hassan Abdulla Al-Hammadi

On 27th February 2022, QIC’s Board of Directors agreed to commit the Company to support the State of Qatar’s endeavor to reduce the country’s greenhouse gas emissions by 25% by 2030. Under the leadership of its Group CEO, Mr. Salem Al-Mannai, QIC has developed an Environmental, Social and Governance (ESG) framework, which was also approved by the Board.

QIC has set out a long-term ESG strategy to support Qatar’s ESG commitments and aims to adopt ESG policies into its underwriting and asset management philosophy. Mr. Al-Mannai noted: “QIC recognizes that ESG is no longer an option and to ensure sustainable growth, we have agreed to incorporate this in our business strategy.” An ESG & Sustainability Committee has also been set to ensure that group-wide efforts are focused and channeled to achieve the set goals.

QIC’s growth into a regional leadership position and its evolution in the past decade into a global insurance and reinsurance group is driven by its corporate governance culture of a responsible stakeholder. Its history of almost six decades is underpinned by its fair and equitable treatment of customers, its diverse set of employees and the integrity and transparency in the way it conducts its business. QIC’s foundation is built on exceptional customer experience and on the development of local talent.  Its Qatar operations, outlays annually 2.5% of profits to CSR initiatives through The Social & Sport Contribution Fund; corroborating QIC’s outreach program in the society. In line with QIC’s commitment to reduce its carbon footprint, the company leads digital transformation initiatives which have allowed the transition towards a paperless operation. QIC is also taking forward this ESG initiative overseas by facilitating the digital transformation of other players in the insurance industry in the MENA region, in Europe and in the Americas through Anoud Technologies (Anoud Tech), a subsidiary of QIC Group and a leading international insurance software solutions provider.

QIC is now defining a path to a sustainable future being at the forefront of the insurance industry in the MENA region. Inspired by Qatar’s vision of adopting a balanced approach that considers the need for human and economic development while caring for our environment, QIC hopes that its approach will lead to sustainable and resilient business.

 

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Qatar Industrial Manufacturing Co. announced the appointment of Sheikh Abdulrahman Mohamed Jabor Al Thani as Chairman with effect from 07/03/2022.

Qatar Industrial Manufacturing Co. announces the results of the AGM and EGM. The meeting was held on 07/03/2022 and the following resolution were approved

 

1.    The Board of Director’s report on the Company’s activities and its financial position for the year ended 31st Dec. 2021 as well as future plans.

2.    The Auditor’s report on the consolidated financial statements for the financial year ended 31st December 2021.

3.    The Company’s Consolidated Balance Sheet and the Profit and Loss Statement for the financial year ended 31st December 2021.

4.    Distribution of cash dividends (12%) of QRs 0.12 per share, to its shareholders for the year ended 31st Dec. 2021.

5.    Release of the Board of Directors from liability for the financial year ending 31st December 2021 and decide of their remuneration.

6.    Appointment of M/S. Moore  Stephens & Partners as external auditor for the financial year 2022.

7.    Corporate Governance Report for year 2021.

8.    Appointment of members of the Board of Directors for the next three years (2022-2024).

The elected Board Members are as follows:

1.       Sheikh Abdulrahman Bin Mohd. Jabor Al-Thani

2.       Sheikh Rashid Bin Awaidha Mohd. Thani Al-Thani

3.       Mr. Nasser Bin Rashid S. Al-Kaabi

4.       Mr. Saad Mohd. Saad J. Al-Rumaihi

5.       Mr. Abdullah Mohd. Shamsan Al-Saada

6.       Mr. Abdulmohsen Bin Youssef Al-Mana

7.       Mr. Abdulla Ali Al-Abdulla

8.       Al Hermas Investment Co.
Representative Mr. Ahmed Youssef Hussain Kamal

9.       Mr. Jamal Sherida Saad Al-Kaabi

Independent Member

The General Retirement and Social Security Authority has appointed Mr. Abdulrahman Fouad Al-Mudahka representing the share of the The General Retirement and Social Insurance Authority  (Civil Fund).

The Qatar Investment Authority has appointed Mr. Fahad Hamad Ahmed Al Mohannadi representing Qatar Holding Company’s share.

The Extraordinary General Assembly, held on the same day, approved the following:

1) Amendment of Article (29) of the company’s Articles of Association to stipulate that (the company shall be managed by a board of directors consisting of eleven members) the Qatar Investment Authority appoints a member representing its share, and the General Retirement and Social Insurance Authority (Civil Fund) appoints a member representing its share, and eight are elected Members of the Ordinary Assembly by secret ballot for a period of three years, and the Ordinary General Assembly appoints an additional independent member. The Qatar Investment Authority and the General Retirement and Social Insurance Authority (Civil Fund) may not participate in voting in electing the remaining members of the board of directors, with the exception of the first board of directors, who are appointed by the founders for a period of five years starting from the establishment of the company.

2) Amending the company’s Articles of Association in accordance with the provisions of Law No. (8) of 2021 regarding the amendment of some provisions of the Commercial Companies Law declared by Law No. (11) of 2015

3) Amendment of Article (17) of the company’s Articles of Association for increasing the percentage of non-Qatari ownership from (49%) to (100%) after obtaining the necessary approvals from the competent authorities and completing obtaining the approval of the Council of Ministers in accordance with the provisions of Article (7) ) of Law No. (1) of 2019.

4) Authorizing and delegating the Chairman of the Board of Directors to do so and obtaining the necessary approvals from the competent authorities.

 

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INMA HOLDING COMPANY :

INMA HOLDING Company announced the convening of the Extraordinary General Assembly of shareholders for the  year 2021, and adopted the following resolutions :

1- Amendment of the Statute of the Corporation in conformity with Act No. 8 of 2021 amending the Companies Act

2- Authorize Chairman of Board of Directors to make any amendments to the Statute that is consistent with the decisions of Extraordinary General Assembly resolutions or according to directives of the Ministry of Trade and Industry or Qatar Financial Markets Authority In accordance with Act No. 8 of 2021 amending the Companies Act No. 11 of 2015 and signing Amended statutes before official authorities

 

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Baladna QPSC acquired 5% stake in Juhayna Food Industries (Company listed on Egyptian Stock Exchange), through a series of purchases from the market. Below is the summary of the transactions:

 

No. of Shares acquired to date: 47,116,563 Shares.

 

Total Investment EGP 285,802,001 (Equivalent to   QAR 67,084,980).

 

Baladna is a market leader in the Qatar dairy market and has shown resilient growth over the last 3 years. According to the developed strategy the company wants to continue its growth path within Qatar and to expand to other countries outside Qatar into F&B market. This is by taking into consideration both green field and brown field projects to enhance the shareholder value. Investment decisions are based on very detailed analysis of the market. Egypt market with population more than 100 million is large and promising F&B market. Being the market leader, Juhayna company is expected to be most beneficial from the market growth with strong distribution network.

 

Juhayna Food Industries

 

A leading Egypt-based manufacturer specialized in the production, processing and packaging of dairy, juice, and cooking products. Since its founding in 1983, it has secured a frontrunner position in the dairy and juice industries in Egypt and has expanded its presence in the Middle East, a feat made possible through its firm commitment to delivering a wide range of high-quality, healthy, and safe products that have become trusted household names.

 

A public listed company on Egyptian Exchange-EGX

 

ISIN No. EGS30901C010

 

Total Company shares to-date: 941,405,082 shares

 

Registered address: Juhayna Headquarter, Polygon, Building No. 02, Beverly Hills, Sheik Zayed – Giza, Egypt)