The General Assembly of Doha Insurance Endorses Agenda Items and Okays Distribution of 8% Cash Dividend

March 26, 2019

Doha Insurance Group (DIG) announced the results of the AGM and EGM that were held on Monday, 25 March 2019, as follows:

FIRST: Results of the Ordinary General Assembly Meeting:

1-      The Assembly heard and approved the Board of Directors’ report on the company’s activities, financial position during the financial year ended 31 December 2018 and the business plan for 2019.

2-      Approved the report of the External Auditors on the company’s balance sheet and final accounts for the financial year ended 31 December 2018.

3-      Discussed and approved the balance sheet and profit and loss account for the financial year ended 31 December 2018.

4-      Approved the proposal of the Board of Directors to distribute a cash dividend of 8% from the share par value i.e. QR 0.80 (Eighty Dirhams) for each share.

5-      Released the members of the Board of Directors from liability and approved their remunerations for the financial year ended 31 December 2018 (QR.1, 390,000).

6-      Discussed and approved the Group’s Governance Report for 2018.

7-      Appointed an External Auditor for the Group for the financial year 2019 and determined their fees (QR 565,000).

SECOND: Results of the Extraordinary General Assembly Meeting:

1-      The Assembly amended article (7) of DIG’s Articles of Association, which allows non Qatari investors to invest in DIG’s common shares, thereby applying law No. 9 of 2014 which amends parts of law No. 13 of 2000 concerning non Qatari investors’ investment in Qatari firms, as follows:

“Non-Qatari investors can hold a percentage not exceeding 49% of DIG’s shares listed on the Qatari Stock Exchange”.

2-      The Assembly also amended article (2) of DIG’s Articles of Association by adding new a insurance product “Extended Warranty” against vehicle, electrical appliance and equipment breakdown “Doha Warranties”.

3-      Approved an amendment to article (5) of DIG’s Articles of Association with respect to the Group’s shares and the par value of each share, to comply with the decision of Qatar Financial Markets Authority board of directors issued on 16 December 2018, specific to amending the par value of outstanding shares for listed companies to read as follows:

“The Group’s total shares shall be 500,000,000.00 with a per value of 1 Qatari Riyal per share, paid in full”.

4-      Approved the amendment of article (22) clause “3” of the Articles of Association concerning the Board’s membership conditions as follows

“A Board member must be a shareholder and owner of a minimum of 500,000 of the Group’s shares.”

5-      Authorized the Chairman or his Deputy exclusively to sign all the necessary documents to amend the said Articles of Association.