The Assembly of Aamal Endorses Items on Its Agenda and Approves the Distribution Of 6% Cash Dividend

April 23, 2018

Aamal held its Ordinary and Extraordinary General Assembly meetings on Sunday, 22 April 2018. The following is a summary of the approved resolutions:

Resolutions Passed by Aamal’s Ordinary General Assembly:

1.      The General Assembly approved the Chairman’s report on the company’s activities and the financial position for the financial year ended on 31 December 2017, and the company’s future business plan.

2.      The General Assembly approved the External Auditor’s report on the Company’s Financial Statements for the year ended on 31 December 2017.

3.      The General Assembly approved the company’s Financial Statements, profits and losses for the financial year ended 31 December 2017.

4.      The General Assembly approved the proposal of the Board of Directors to distribute dividends at the rate of 6% of the nominal value of each share of the company (i.e. QR0.6 per share) for the financial year ended 31 December 2017 to the shareholders that owned shares in the Company at the end of the trading session on the date of holding the company’s Annual Ordinary General Assembly Meeting held on Sunday, April 22nd, 2018.

5.      The General Assembly approved discharging Members of the Board of Directors from their directorship responsibilities having been met for the financial year ended 31 December 2017 and approved their bonus which was set at QAR1,200,000 divided equally amongst the Board members. 

6.      The General Assembly approved the Company’s Corporate Governance Report for the year 2017

7.      The General Assembly voted the following candidates nominated for the Independent Directorship seats on the Board in accordance with the requirements of the Corporate Governance Code for listed companies and legal entities issued by Qatar Financial Markets Authority’s Board directive no. (5) For the year 2016:

                    i.            H.E. Mr. Faisal Al Mahmoud

                  ii.            H.E. Mr. Yousef bin Rashid Al Khater

                iii.            Mr. Hamad Al Nuaimi

The above mentioned Independent Directors shall serve on the Board of the Company until the end of the current Board’s tenure which expires on the date of holding the Company’s AGM for the year ending on 31 December 2018.

8.      The General Assembly approved appointing Price Waterhouse Coopers as the Company’s External Auditor for the Financial Year of 2018 and decided their fees.

Resolutions Passed by Aamal’s Extraordinary General Assembly:

1.      The General Assembly approved all amendments to the Articles of Association of the Company in accordance with the requirements of the Corporate Governance Code for listed companies and legal entities issued by Qatar Financial Markets Authority’s Board directive no. (5) For the year 2016.

2.      Referencing the above mentioned point (1) the General Assembly authorized the Chairman of the Board to sign the new Articles of Association for the purposes of authenticating the new Articles of Association by the relevant authorities, and authorized the Chairman to delegate to the Company’s staff undertaking the necessary steps to complete the authentication and registration of the new Articles of Association with the relevant authorities.

To view the press release, click here