Ezdan Holding: Notice of Convocation for an
EGM to Nullify Going from Public to Private Company as Demanded
by an Ezdan Holding Group Shareholder
April 07, 2019
Ezdan Holding Group announced that
the Board of Directors convened on Saturday 6/4/2019 at 11:00am
to consider the request of one of the shareholders (Al Tadawul
Trading Group), which owns more than 25% stake. The meeting
covered discussions about a request for the Extraordinary
General Assembly to consider invalidating the previous
Extraordinary General Assembly decision dated 24/5/2017, which
approved transferring Ezdan Holding Group initially from a
public joint stock company to a private joint stock company. The
letter presented by the shareholders stated that this request is
based on the strength of the promising Qatari economy albeit all
the challenges, especially during the blockade, and Qatar
Exchange in growing and has recently achieved a high position
among the strongest regional stock exchanges.
Accordingly, as per to article 138 of
the Companies Law No. 11/2015, “The Extraordinary General
Assembly shall meet only at the invitation of the Board of
Directors. The Board shall direct such an invitation if so
requested by a number of shareholders representing (25%) stake
at minimum of the company’s capital.”
The Board decided to convene the
Extraordinary General Assembly to discuss the request. The venue
and date of the Extraordinary General Assembly meeting shall be
determined after coordination with the Ministry of Commerce &
Industry.
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