INVITATION TO ATTEND ANNUAL GENERAL ASSEMBLY AND EXTRAORDINARY GENERAL ASSEMBLY

Published: 25 February 2019
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Categories: Circulars

QIMC’s Board of Directors is pleased to invite the shareholders to attend the Annual General Ordinary Assembly and Extraordinary General Assembly, which will be held  at Giwana Ballroom in Radisson Blu Hotel, on Sunday, 10th March 2019 at 4.00 p. m. (In the absence of quorum the meeting will be held in the same place on Sunday, 17th  March 2019 at 4.00 pm.)

Agenda of Ordinary General Assembly

  1. Confirmation of the Quorum
  2. 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.
  3. Hearing of the Auditors’ report on the Company’s final accounting statements for the financial year ending December 31st, 2018.
  4. Discussion and approval of the Company’s consolidated Balance Sheet and Profit & Loss Account for the financial year ending December 31st, 2018.
  5. 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.
  6. Absolve Board Members from liability for the financial year ending December 31st, 2018 and determination of their remunerations.
  7. External auditors’ appointment for the financial year 2018 and determination of their remuneration.
  8. Discussion and approval of Corporate Governance report of the company for the year 2018.
  9. Election of members of the Board of Directors for the next three years.

Agenda of Extraordinary General Assembly

  1. 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.
  • Approving the amendment to the Articles of Association of Qatar Industrial Manufacturing Company (QIMC) with respect to the ownership of shares of the Qatari government and register the same under the name of Qatar Investment Authority, the original owner of these shares by the Amiri Decree No. 23 of 2005, issued to supersede the Qatari government in the Articles of Association as the owner of these shares, while other shares shall be registered under the name of General Retirement and Social Insurance Authority, and authorizing the Chairman to act accordingly.
Existing Article (Article No. 7) Proposed Articles
No natural or moral person may own more than 2% of the company’s capital at any time other than by inheritance and by will except for the share of the Qatari government. No natural or moral person may own more than 2% of the company’s capital at any time other than by inheritance and by will except for the share of the Qatar Investment Authority and General Retirement and Social Insurance Authority.  
Existing Article (Article No. 29) Proposed Articles
The company shall be governed by a ten-member Board of Directors, two of them shall be appointed by the Qatari government as representatives of its share, while the remaining members shall be elected by the Ordinary General Assembly by secret ballot for a period of three years. In addition, the Qatari government may not participate in the voting to elect the remaining members, except for the first board of directors. The founders shall appoint it for a period of five years commencing from the date of incorporation. The company shall be governed by a ten-member Board of Directors, one of them shall be appointed by Qatar Investment Authority as a representative of its share and one member to be appointed by General Retirement and Social Insurance Authority that represent both shares of Civil Pension Fund and Military Pension Fund. Moreover, the Ordinary General Assembly shall elect the remaining members by the secret ballot for a period of three years. The Qatar Investment Authority and General Retirement and Social Insurance Authority together with both civil and military pension funds may not participate in the voting to elect the remaining members, except the first board of directors. The founders shall appoint it for a period of five years commencing from the date of incorporation.               
QATAR INDUSTRIAL MANUFACTURING COMPANY
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P.O.Box 16875
Doha - State of Qatar
Tel: +974 44344222
Fax: +974 44837878
Email : qimc@qimc.com.qa
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