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.