QEWC’s AGM Endorses Agenda Items and Okays Distribution of 77, 50% Cash Dividend

March 07, 2019

Qatar Electricity & Water Company announced the results of Ordinary and Extraordinary General Assembly meetings held on Wednesday 6/03/2019, where it has approved the following:

Ordinary General Assembly approved the following:

1.      Board of Directors report on the activities of the company, its financial position for the year ended 31/12/2018 and its future plans.

2.      The auditor’s report for the year 2018.

3.      The company’s balance sheet and profit/loss for the year 2018, and the distribution of cash dividends at 77,50% of the nominal value of the share.

4.      Corporate Governance Report for the year 2018.

5.      Release members of the Board of Directors from any liability and approve their remuneration at 0.76% of the net profits.

6.      Reappoint Ernst &Young as company auditors for the financial year 2019, at a fee of QR 375,000.

Extraordinary General Assembly approved the following:

1.      Approve the amendment of Article (6) of the company’s Articles of Association to adjust the nominal value of the share from “QR 10” to “QR 1”, pursuant to the decision of QFMA’s Board of Directors, at its 4th meeting on 16 December 2018, No. M-3/2019 dated 6/1/2019, in accordance with the proposal to amend the Articles, attached to the Agenda.

2.      Approve the amendment of the provisions of Article (7) of the company’s Articles of Association in line with the recommendations of Qatar Exchange on enhancing the investment attractiveness of the listed companies and the decision of the Board of Directors of Qatar Financial Markets Authority No. (1) of 2016 regarding the acquisition of shares of companies listed on the Qatar Exchange, by adding a new paragraph specifying the percentage of the company's shares to no more than 1% of the total shares, in accordance with the proposal to amend the Articles, attached to the Agenda.

3.      Approve the amendment of the provisions of Articles (26), (27), (29) , (31) and (35) of the company’s Articles of Association regarding the formation of the Board of Directors and the appointment of representatives of the State to the BoD based on Qatar Investment Authority letter, in accordance with the proposal to amend the Articles, attached to the Agenda.

4.      The delegation of the Chairman of the Board of Directors to make amendments and take all necessary actions with the competent authorities in this regard.