Qatar Insurance AGM and EGM Endorse Agenda Items and Approve Cash Dividend

February 27, 2019

Qatar Insurance Company held its AGM and EGM on 26/2/2019 and approved the items of the agenda.

The Resolutions of the AGM:

1)      The Board of Directors’ report on the activities of the company and its financial position for the year ended 31 December 2018, and its future plan.

2)      The auditor’s report for the 2018 financial statements.

3)      The company’s balance sheet and its 2018 profit & loss statement.

4)      The recommended profits distribution (15%) of the nominal value of the share, i.e. (QR 1.5) per share, and determine the date of payment.

5)      Relieve the members of the Board of Directors from liability, and approve their (QR 21.5 million) remuneration.

6)      The 2018 Corporate Governance report.

7)      The company’s 2019 remuneration policy.

8)      The company’s policy on related parties’ transactions.

9)      Permissions and procedures of operation of the nomination and remuneration committee.

10)  Reappoint Ernest & Young for the Financial Year 2019 at a fee of (QR 843.000).

 

The Resolutions of the EGM:

1)      Increase the company’s capital by (QR 77.042.580) through a new private shares issuance of (7.704.258) normal shares, at a price of (QR 57/36) per share ((QR 10) nominal value + (QR57/26) share premium). Only the minority shareholders of the subsidiary QIC Capital, registered in Qatar Financial Center, have full rights of subscription in the new shares through assigning subscriptions rights of all shareholders to them. Also, amend Article (5) of the Articles of Association to reflect the increase in capital and delegate the board of directors to finalize the transaction.

2)      Amend Article (5) of the Articles of Association to be in line with Qatar Financial Market Authority (QFMA) board of directors resolution issued at its fourth meeting of 2018 held on 16 December 2018, which changes share’s nominal value to QR 1 as a condition for listing shares of companies in the main market and second market (startups).

3)      Amend Article (5) of the Articles of Association in respect of condition number 3 of the conditions of membership of the Board of Directors, that shareholder should hold two million (2,000,000) share of the company’s shares.

4)      Give the Chairman or his deputy the exclusive right to sign on all documents needed to amend the company’s Articles of Association.