General Assembly of Nakilat Endorses Agenda Items and Approves Distribution of 10% Cash Dividend

March 20, 2019

Qatar Gas Transport Company (Nakilat) announced the resolutions of its Ordinary and Extraordinary General Assembly meetings on Tuesday, 19/03/2019 and discussed the items listed on its agenda and issued the following resolutions:

Ordinary General Assembly:

Resolution No. [01/2019]:

Hear and approve the Report of the Board of Directors on the Company's Activities and Financial Position during the Fiscal Year Ended 31/12/2018 and Future Plans:

RESOLVED, that the General Assembly ratifies the Board of Directors report on the company's activities and its financial position during the year ended 31/12/2018 and future plans.

Resolution No. [02/2019]:

Hear and Ratify the External Auditor’s Report on the Fiscal Year Ended 31/12/2018:

RESOLVED, that the General Assembly ratifies the External Auditor’s report on the fiscal year ended 31/12/2018.

Resolution No. [03/2019]:

Discuss and Ratify the Company’s Balance Sheet and Profit & Loss Account for the Fiscal Year Ended 31/12/2018:

RESOLVED, that General Assembly ratifies the Company’s Balance Sheet and Profit & Loss Account for the Fiscal Year Ended 31/12/2018.

Resolution No. [04/2019]:

Discuss and Adopt the Governance Report for the Year Ended 31/12/2018:

RESOLVED, that the General Assembly adopts the Governance report for the year ended 31/12/2018.

Resolution No. [05/2019]:

Consider the Board of Directors Suggestions Regarding Distribution of Cash Dividends for the Fiscal Year Ended 31/12/2018 and Approve it:

RESOLVED, that the General Assembly approves the distribution of cash dividend to the shareholders by (10%) of the capital, equivalent to one (1) Qatari Riyal per share, for the fiscal year ended 31/12/2018.

Resolution No. [06/2019]:

Consider to Release & Discharge the Board of Directors from their Responsibilities and to approve their Remuneration for the Fiscal Year ended 31/12/2018:

RESOLVED, that General Assembly approves to release and discharge the Board of Directors from their responsibilities, and determine their remuneration for the fiscal year ended 31/12/2018 to be as last year as following:

-              Chairman:            QR   1,000,000

-              Vice Chairman:    QR     900,000

-              Member:               QR     800,000

Resolution No. [07/2019]:

Appointment of External Auditor for the Fiscal Year 2019 and Determine their Fees:

RESOLVED, that General Assembly approves the appointment of the External Auditor (KPMG) for Nakilat and its affiliates for the fiscal year 2019, with total fees (1.671.550) one million and six hundred seventy-one thousand and five hundred fifty Qatari Riyals. 

Resolution No. [08/2019]:

Election of Three Members to Nakilat Board of Directors:

RESOLVED, that the General Assembly approves the following winner’s names to occupy three seats on Nakilat Board by election:

-              Mr. Faisal Abdulwahed AL Hamadi (non-independent member).

-              Mr. Eisa Hilal Al-Kuwari (Independent member).

-              Mr. Hamad Mubarak Al-Muhannadi (Independent member).

All competent authorities, each within its own field of competence, shall enforce these resolutions, which shall be effective as of the date of its issuance.