The EGM of Qatari German Medical Devices Endorses Its Agenda Items

May 27, 2019

Qatari German Medical Devices Co. disclosed that the quorum of its Extraordinary General Assembly meeting was completed during the third alternative date of May 26^th, 2019. The assembly came out with the following resolutions:

1.      QGMD Extraordinary Assembly approved the recommendation of the Board of Directors to amend the Articles of Association of the company to comply with the decision of the Board of Directors of Qatar Financial Markets Authority issued at its 4^th meeting of 2018 held on 16 December 2018, which states that the nominal value of the share must be (QR 1) as a condition for listing in the main and secondary market.

2.      The Extraordinary Assembly approved the recommendation of the Board to amend the Articles of Association of the company to raise the maximum foreign ownership in the company's capital to 49% in line with the recommendation of Qatar Exchange.

3.      The Assembly approved the recommendation of the Board of Directors to continue the work of the company despite the accumulated losses that reached more than half of its capital.

4.      QGMD’s Extraordinary Assembly authorized the Chairman of the Board of Directors or his representative to make the necessary amendments to the Articles of Association, sign the Amended copy, and complete the legal procedures with the official authorities.