General Assembly of Zad Holding Endorses Agenda Items and Okays Distribution of 85% Cash Dividend

April 24, 2019

Zad Holding Company announced the results of its Ordinary and Extraordinary General Assembly meetings, held on Tuesday 23 April 2019, whereat the following items were approved:

Ordinary Assembly Meeting Resolutions:

1-      Discussed and approved the financial report of the company for the financial year ended 31 December 2018.

2-      Approved the Board’s recommendation for the distribution of 85% (QR 8.5 per share) cash dividends to the shareholders of the company for 2018.

3-      Discussed and approved the company’s report on the Corporate Governance for 2018.

4-      Absolved the members of the Board of Directors from liability for the financial year ended 31 December 2018, and approved their remunerations.

5-      Selected Marison Menon to be the external auditor of the company for the year 2018.

Extraordinary Assembly Meeting Resolutions:

1-      Approved the board recommendation to amend the company’s Articles of Association pursuant to the circulars of QFMA to increase the shareholding limit of none-Qatari investors in the company up to 49% of the share capital.

2-      Approved the board recommendation to amend the company’s Articles of Association pursuant to the circulars of QFMA to amend the nominal value of the company share to become QR 1 (one Qatari riyal) per share.

3-      Approved the board recommendation to amend article number 69 of the Articles of Association concerning Zakat.

4-      Approved the amendment of paragraph no 3 of Article no 25 in the Articles of Association increasing the number of shares required for the company’s board of directors membership to become 1,000,000 (one million) shares.

5-      Delegated the Board to make the required changes and carry out the process to amend the company’s Articles of Association according to the above.