General Assembly of Qatar Cinema Endorses Agenda Items and Approves Distribution of 15% Cash Dividend

April 04, 2019

Qatar Cinema & Film Distribution Company announced that the Ordinary and Extraordinary General Assembly meetings was held on Wednesday, 3 April 2019, 6:30pm at Joana Hall, Radisson Blu Hotel (formerly Ramada Hotel), where the company discussed and its agenda and approved the following:

Resolutions of the Ordinary General Assembly:

1.      Approved the Board’s report on the company activities and its financial position for the year ended 31/12/2018 and discussed the company’s future business plans.

2.      Approved the Auditor’s report for the audited financials and final account for the year ended 31 December 2018.

3.      Discussed the company balance sheet and profit and loss account of the financial year ended 31/12/2018, and approved the Auditors’ report on the company’s Financial Statements.

4.      Approved the Board’s recommendation for a dividend payment of QR 1.50 per share, representing 15% of the nominal share value.

5.      Approved the Corporate Governance Annual Report for 2018.

6.      Absolved the Chairman and members of the Board of Directors from any liability for the financial year ended 31 December 2018, and Approved their remuneration.

7.      Decided to appoint M/s Talal Abu-Ghazaleh & Co. International as External Auditor for the year 2019

8.      The following members were elected to the Board of Directors’ membership (Uncontested) for the coming three years:

(i)           Mr. Ahmad Abdul Rahman Nasir Fakharoo

(ii)        Mr. Ali Ishaq Hussein Al-Ishaq

(iii)      Mr. Khalifa Abdulla Hussein Al-Naama

(iv)       Mr. Mohamed Ali J. A. Al-Sulaiti

(v)         Mr. Saoud Abdulaziz Al-Darweesh

(vi)       Mr. Abdulrahman Abdulaziz Al- Darweesh

(vii)    Mr. Nasser Ahmad Abdul Rahman  Fakharoo

Resolutions of the Extraordinary General Assembly:

1)      The Extraordinary General Assembly approved the amendment of Article (5) of the Memorandum of Association of the company, by splitting the share value, to become one Qatari Riyal (QAR 1), instead of ten Qatari Riyals (QAR 10).

2)      The Extraordinary General Assembly approved to add a new article to the Memorandum of Association, by increasing the maximum cap of the non-Qatari possession of the company shares, to be (49%).

3)      The Extraordinary General Assembly approved the amendment of Article (9) of the Memorandum of Association of the company, by increasing the shareholder possession of the company shares, to be (10%) instead of (5%).