Investment Holding Group Board of Directors
Announces Meeting Results
April 29, 2018
Investment Holding Group announced the
results of its Board of Directors’ meeting held on Saturday 28
April 2018, whereat the following was recommended:
1.
Approve the Financial Statements for the period ended 31 March
2018 as recommended by the Executive Management.
2.
Approve the decision of the Nomination & Remuneration Committee
in respect of the nomination requirements for the Board of
Directors membership.
3.
Accept the immediate resignation of the following three board
members (for the reason of complying with the governance
requirement to elect independent board members):
-
Mr.
Abdulla Ghanim S H Al-Kuwari.
-
Mr. Wael
Mousa Mohammad Shtayyeh
-
Mr.
Khalil Jabra Khalil Dughbaj
4.
Approve the invitation for all eligible independent candidates
to apply for the board membership during the period starting
Tuesday, 1 May 2018 and until Thursday, 3 May 2018 -for ten
days-.
5.
Call for a general assembly meeting to elect three independent
board members, which shall convene, after approval of the
concerned authorities.
6.
Call for an extraordinary general assembly to approve the
amendments of the Memorandum of Association of the Company,
which shall convene, after the approval of the concerned
authorities.
7.
The Board of Directors approved to amend the members of board
committees as follows:
First: Nomination & Remuneration
Committee:
Appointment of Mr. Khalid Ghanim Sultan
Al-Hodaifi Al Kuwari, as a member of the Nomination &
Remuneration Committee, to replace the resigned member Mr.
Abdullah Ghanim Sultan Al Hodaifi Al Kuwari
Second: Audit & Risk Committee:
Appointment of Mr. Hamad Ghanim Sultan
Al-Hodaifi Al Kuwari, as a member of the Audit & Risk Committee,
to replace the resigned member Mr. Khalil Jabra Dughbaj
Third: Executive Committee:
Appointment of Mr. Samer Mohammad Wehbah and
Mr. Wafa Issam Soufan, as members of the Executive Committee, to
replace the resigned members Mr. Khalil Jabra Dughbaj and Mr.
Wael M. Shtayyeh
8.
Remove Mr. Wael M. Shtayyeh and Mr. Khalil Jabra Dughbaj, from
the list of authorized signatories of the company’s and
subsidiaries’ commercial register and banks and add the name of
Mr. Samer Mohammad Wahbeh, the replacement.
Delegate either Mr. Ghanim Sultan Al Hodaifi
Al Kuwari, or Mr. Khalil Ghanim Sultan Al Hodaifi Al Kuwari or
Mr. Mohammad Ghanim Sultan Al Hodaifi Al Kuwari, to act as a
sole signatory on all the necessary documents and procedures to
amend the list of authorized signatories of the commercial
register and list of board members and bank authorities, as well
as delegation to add commercial activities on the commercial
register of any Subsidiary.
9.
After Mr. Wafa Soufan left the meeting as a related party in
respect of this potential acquisition, the Board of Directors
initially approved to start the process to assess the
feasibility to acquire 39.6 % of the shares of Consolidated
Engineering Systems W.L.L, and authorized the management to
review the potential acquisition and present the result to the
board of directors, upon finalizing, to take the necessary
decision, and to notify Qatar Financial Markets Authority of the
intention of the acquisition subject to full compliance with the
regulatory requirements of all the concerned authorities.
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