Milaha General
Assembly Ratifies Agenda Items and Approves the Distribution of
Cash Dividends of 35%
March 19, 2018
Qatar Navigation (Milaha) announced the results of its
Ordinary General Assembly, held on 18 March 2018.
The General Assembly ratified all the remaining items on its
agenda including the proposal by the Board of Directors to
distribute a cash dividend of 35% of the nominal share value,
which is equivalent to QR3.5 per share. The General Assembly
also approved the appointment of KPMG as external auditors for
the year 2018.
During the General Assembly meeting, H.E. Sheikh Ali bin
Jassim bin Mohammad Al Thani, Chairman of Milaha’s Board of
Directors presented an overview of the company’s activities and
financial results for 2017 along with highlights of business
plans for the year 2018. The Chairman underlined the impact of
industry-wide and geopolitical challenges on the company’s
financial performance, adding that “signs of recovery are
visible, and we are hopeful this will continue in 2018.”
The Chairman praised the company’s “adaptability and
resilience” in the aftermath of the Gulf crisis as it launched
new direct shipping services to Oman, Kuwait, India, Pakistan,
and Turkey, and deployed additional assets to mitigate the
impact of the crisis on Qatar’s supply chain.
Highlighting the company’s achievements in 2017, the Chairman
said: “Among our strategic milestones in 2017 is the launching
of QTerminals, the ports and terminals operator, jointly with
Qatar Ports Management Company (Mwani Qatar) to manage the first
phase of Hamad Port. The port has achieved record numbers in
cargoes and volumes handled in 2017 as post-blockade seaborne
trade almost tripled from previous averages. Additionally, we
soft launched the first phase of Milaha Logistics City, which
marks our entry into cold chain solutions. The new facility will
enhance Milaha’s standing as a leading provider of logistic
services as well as Qatar’s position as a vital regional hub for
maritime shipping and logistics.”
During the meeting, the Chairman provided shareholders with
detailed answers to all the questions that were raised. Milaha’s
net profit for 2017 was QR470 million. Shareholders can review
the company’s financial statements for more information.
Dividend distribution will commence starting April 1, 2018
through all of Qatar National Bank (QNB) branches. QNB has been
appointed official Dividend Distribution Agent and will provide
dividend distribution, dividend account administration and other
administrative support services to ensure shareholders have
easier and more efficient access to their earned dividends.
At the conclusion of the AGM, the General Assembly elected
the following Board of Directors for the next three-year term
from 2018 to 2020: H.E. Sheikh Jassim bin Hamad bin Jassim Al
Thani; H.E. Sheikh Khalid bin Khalifa Al Thani representing
Qatar Petroleum; Mr. Hitmi Ali Khalifa Al-Hitmi representing Ali
Bin Khalifa Al-Hitmi & Co.; Mr. Ali Ahmad Al-Kuwari; Mr. Adel
Ali bin Ali representing Ali Bin Ali Group; Mr. Sulaiman Haidar
Sulaiman; Mr. Saad Mohammad Al-Rumaihi; Mr. Salman Abdullah
Abdulghani; Dr. Mazen Jassim Jaidah; H.E. Abdulrahman bin Saud
bin Fahd bin Jassim Al Thani; Mr. Hamad Mohammad Al-Mana as
members of the Board.
H.E. Sheikh Suheem Khaled Hamad Abdullah Al Thani, Mr.
Muhammad Ibrahim Muhammad Al-Sulaiti, Mr. Saad Mohammed Fahad
Buzwair representing Buzwair Real Estate, and Mr. Ismail Ali
Abdallah Al-Emadi were elected as reserve members of the Board.
The elected Board appointed H.E. Sheikh Jassim bin Hamad bin
Jassim Al Thani as its Chairman and H.E. Sheikh Khalid bin
Khalifa Al Thani as the Vice Chairman.
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