Woqod Postpones EGM to 10 June 2018 For Lack of Quorum

May 10, 2018

Mr. Saad Rashid Al–Mohannadi, Woqod CEO announced that the company’s ‎Extraordinary General Assembly has been postponed for the second time due to the ‎lack of the required quorum to hold the meeting. He further explained that a first attempt to ‎hold the first meeting on 06/05/2018 was also unsuccessful for lack of quorum and was ‎postponed to be held 09/05/2018. ‎

Mr. Saad Rashid Al-Mohannadi pointed out that, the meeting will be held at the same ‎venue on 10/06/2018 at 09:00pm. Explaining that this alternative date will be the third and last as per the ‎company’s Articles of Associations, where the quorum will be attained regardless of the ‎attendance percentage.

It is to be noted that the agenda of the Extraordinary General Assembly is limited to the following point: ‎

1.      Amendment of Article 9.1 of the Qatar Fuel Regulations by setting a cap for the ownership of non-Qataris in Qatar fuel capital to 49% and increasing the percentage of individual ownership to 1%. To read as follows:

"Except for the owner of the privileged share, Shafallah Center and the State of Qatar (as defined in Qatar Financial Market Authority Decision No. 1 of 2016), the Qatar Foundation for Education, Science and Community Development, The Qatar Investment Authority and Qatar Holding Company, no natural or legal person may at any time - directly or indirectly - hold shares in the Company in excess of 1% of the issued capital.

Subject to the provisions of the above paragraph, non-Qataris may hold a total percentage of the capital of the Company not exceeding 49% of the issued capital in accordance with the provisions of Law No. 9 of 2014 regulating the investment of foreign capital in economic activity”.