Medicare Group AGM Endorses Agenda, Approves Distribution of 40% Cash Dividend

March 21, 2018

Medicare Group held its General Assembly meeting on Tuesday 20/3/20108 the meeting has convened this evening with the legal quorum required for the validity of the meeting. The quorum of the shares represented at the meeting was 50.23% of the company’s total capital between shares represented originally or by proxy. Hence, the AGM has looked the agenda. The results of the meeting as follows:- 

1.The AGM has listened to the Chairman Opening speech and the Board of Director’s report on the Company’s business activities and company’s performance during the Financial Year ended 31/12/2017; and the future business plan and endorsed it.

2.Hearing the External Auditor’s report on the Company’s consolidated financial statement for the financial year ended on 31st December 2017 and endorsed it.

3.The AGM discussed and endorsed the Company’s consolidated financial statement for the financial year ended on 31st December 2017. 

4.Endorsed the Board of Directors' recommendation for distributing cash dividends of 40% of nominal share value (i.e. QR 4 per share).

5.Discharged the Board of Directors’ responsibilities for the financial year ended on 31st December 2017; and endorsed their remuneration.

6.Reviewed Company's Governance Report for the Year 2017; and endorsed the same.  

7.The AGM appointed M/s. KPMG as External Auditors for the financial year (2018) and determined their fees.

8.A new board of directors of nine members was elected by acclamation by the General Assembly for the upcoming three-years (2018-2020). Three of the elected members are independent members. 

The new elected BOD held its meeting immediately after the General Assembly meeting and elected a Chairman, Vice-Chairman and Managing Director (attached herewith the list of the new elected members of the BOD.