National Cement AGM Approve Distributing QR 4 Cash Dividend Per Share and 10%Bonus Shares

The EGM has approved increasing the share capital to QR 653,528,940

March 1, 2017

Qatar National Cement Company announced the resolutions of Annual General Assembly and the Extraordinary General Assembly held on Wednesday 1 March 2017 approved the following:  

AGM Decisions: -

1.      The Financial Statements for the year ended 31st December 2016 has been approved.

2.      The Audit Report for the year 2016 has been approved.

3.      The AGM has approved transferring the development reserve amounting to Qr. 407 million has been approved.

4.      The AGM has approved a distribution of 40% from the company’s share capital as cash dividends for the year 2016.

5.      The AGM has approved the corporate governance for the year 2016.

6.      The AGM has released the Board Members from liability during 2016 and their proposed remuneration has been approved.

7.      External Auditors M/s. Deloitte & Touche has been appointed for the year 2017 has been approved.

8.      Election of 4 BOD members representing the private sector on the Board for the years 2017 – 2019 as follows: -

Mr. Nasser Sultan Nasser Al-Hameedi, Mr. Abdulaziz Ibrahim Redwani, Mr. Mohamed Abdullatif Al-Mana, & Mr. Sulaiman Khalid Al-Mana.

EGM Decisions: -

1.      The EGM has approved a distribution of 10% from the company’s share capital as bonus shares, one free share for each ten shares held for the year 2016.

2.      The EGM has approved amending Article 5 of the Articles of Association and increasing the share capital to read as follows:

“the share capital of the company determined as Qr. 653,528,940 (six hundred fifty three million, five hundred twenty eight thousands and nine hundred fourty riyals, distributed on 65,352,894 shares, the nominal value of share is QR. 10.