QNB's AGM Endorses Agenda, Approves Distribution of 35% Cash Dividend & 10% Bonus Shares

 

February 06, 2017

 

QNB Group announces the results of the Ordinary and Extraordinary General Assembly Meetings was held on Sunday 05/02/2017 and has approved the following resolutions:

 

Agenda of the Ordinary General Assembly

 

1.      Heard the statement of His Excellency the Chairman and the report of the Board of Directors on the Company’s activities, financial position for the year ended 31 December 2016 and the business plan for 2017.

2.      Approved the report of the External Auditors on the Bank’s balance sheet and on the accounts submitted by the Board of Directors.

3.      Approved the balance sheet and profit and loss for the year ended 31 December 2016.

4.      Approved the proposal of the Board of Directors to distribute to the shareholders cash dividends at the rate of 35% of the nominal share value, i.e. QR3.5 for each share, and a bonus share at the rate of 10%, i.e. 1 share for every 10 shares.

5.      Approved the transfer of the necessary amounts from the retained profits to the legal reserve for this reserve to become 100% of the capital(excluding issue fees).

6.      Released from liability the members of the Board of Directors and fixed their fees for the financial year ended 31 December 2016.

7.      Discussed the Bank’s Corporate Governance Report for 2016.

8.      Appointed Ernst & Young as External Auditor for the Company for the financial year 2017 and fixed their fees.

 

9.      Agenda of the Extraordinary General Assembly

 

10.  Approved the increase of the share capital of the Bank which is in the amount of QR8,396,753,250 by distributing bonus shares at 10% of the present capital to read as follows:

 

11.  The Bank’s capital is in the amount of QR9,236,428,570 (Qatari Riyals nine billion two hundred thirty six million four hundred twenty eight thousand and five hundred seventy), divided into 923,642,857 (nine hundred twenty three million six hundred forty two thousand and eight hundred and fifty seven) ordinary shares, with a nominal value of each QR10 (Qatari Riyals ten).