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Ahli Bank AGM and EGM Endorse Agenda Items
and Approve Distribution of 10% in Cash Dividend and 10% in
Bonus Shares
February 26, 2019
Ahli Bank announced the results of
its Ordinary and Extraordinary General Assembly meetings was
held on Monday 25/2/2019 and its entire agenda has been
discussed and approved. Wherein the General assembly heard the
Board of Directors report regarding the Bank’s activities and
its financial position for the year ended 31 December 2018, and
discussed the Bank’s future plans. The assembly also approved
the budget, and profit and loss statement for the financial year
ended on 31 December 2018, and approved the Board of Directors’
recommendation to distribute 10% as cash dividends to the
shareholder, in addition to 10% as bonus shares.
Accordingly, the Assembly agreed that
the Bank’s capital shall be increased with the amount of such
bonus shares amounting to (21.036.043 shares), such that the
Bank’s Capital become 231.396.478 shares.
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The
General Assembly discussed and approved the governance report of
the Bank for the year 2018.
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And,
the General Assembly approved to discharge the Board of
Directors of any liability and approved their remunerations.
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The
General Assembly also approved the appointment of Deloitte &
Touche as the Bank’s Auditors for the year 2019 and approved
their fees.
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Further, the Extra - Ordinary Assembly approved the increase of
the Bank’s Capital
by the amount of the free Bonus Shares
which has been distributed to the shareholders by virtue
of the Ordinary
General Assembly resolution, equal to 10% of the bank’s Capital
amounting to (21.036.043 shares ) such that the Bank’s capital
become 231.396.478 shares.
And
The Extraordinary Assembly approved
amendment of the following Articles of the Bank`s Articles of
Association, as follows:-
1)
Amendment of Article number (6) of the Bank’s Articles of
Association, to reflect the increase of the Bank’s capital, and
the change of the nominal value per share to become one Riyal
per share instead of ten Riyals per share pursuant to the
instructions of Qatar Financial Markets Authority, So that the
share capital of the Bank will be QR 2.313.964.780 divided into
2.313.964.780 shares having par value of one Qatari Riyals per
each share.
2)
Amendment of the Bank`s Articles of Association in order to
allowing foreigners to own up to a maximum of 49% of the bank’s
capital, and adding a paragraph in article (7) of the Bank’s
articles of association to reflect that.
3)
Amendment of Article (27) of the Articles of Association to
exclude Qatar Investment Authority from depositing guarantee
shares to guarantee the membership of the two directors who
represent it in the board of directors.
4)
Amendment of Article (52) of the Articles of Association such
that in case a resolution which relates to the dissolution,
liquidation, transformation, merger or acquisition of the
Company or sale of the project for which the company was created
or its disposal in any manner, such resolution shall only be
valid if approved by shareholders representing 75% of the
company's capital, and amending Article (54) of the Bank’s
articles of association to comply with it.
The Extraordinary General Assembly
approved the authorization of the chairman of Board of Directors
or the Vice Chairman or the executive Manager of the Legal Dpt.
to complete all the necessary procedures to amend the Articles
of Association to reflect the foregoing, including the right to
attend and sign all the needed documents before the
Authentication Department at the Ministry of justice and
Ministry of Commerce and trade and any other official
governmental entities.
To view the Bank’s financial
performance highlights for 2018,
click here
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