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.