25-02-2021
Ahlibank announced the results of the ordinary and extraordinary general assembly meeting held on 24/02/2021, where the following was approved:
The ordinary and extraordinary general assembly of Ahlibank (QSC) was properly convened on the date specified on the evening of Wednesday, 24/02/2021, in which the following has been decided:
1- Approval of the terms of its business schedules, whereby the report of the Board of Directors on the bank’s activities, its financial position and the final accounts for the fiscal year ending on December 31, 2020 were heard and approved, and the bank’s future plans were discussed. The auditors ’report on the bank’s budget and the final accounts on the fiscal year ending December 31, 2020 has been heard and approved. The budget and profit and loss account for the fiscal year ending on December 31, 2020 were also approved, and the assembly unanimously agreed to the Board of Directors ’recommendation to distribute profits of 15% in cash from the bank’s capital to the owners of the bank’s shares at the date of the meeting.
2- Discussing the auditor's report on internal control in accordance with the requirements of Article (24) of the corporate governance law for companies and legal entities listed in the main market issued by QFMA board decision No. 5/2016 and approving it.
3- The assembly also discussed the bank’s corporate governance report for the year 2020 and approved it.
4- The Assembly agreed to discharge the members of the Board of Directors and approved the remuneration determined for them.
5- The Assembly also approved the appointment of Ernst & Young as the auditor for the accounts for the fiscal year 2021, and determined his fees.
The extraordinary general assembly agreed to amend the articles of the statute as follows: -
Agreeing to amend the first paragraph of Article (7) of the bank’s articles of association by raising the ownership percentage from 3% to 5% according to the following:
It is not permissible for any natural or legal person to subscribe to more than five percent (5%) of the company's capital, and it is not permissible for him to own at any time more than this percentage other than through inheritance or a will, with the exception of the Qatar Investment Authority or any other entity fully owned by the agency or Qatar Holding Company.
The extraordinary general assembly agreed on the following:
1. Approval confirmation of the issuance of subordinated capital bonds (qualifying as an additional first tranche of capital) in the amount of 300 million US dollars to strengthen the capital base according to the approval of the extraordinary general assembly held on February 23, 2021, and authorize the Board of Directors with all that is necessary to issue the bonds and in determining the appropriate time for the offering, through private deposits, local or foreign, agreeing to the details and conditions related to the issue and obtaining the necessary approvals for this from the Central Bank and any other governmental or non-governmental bodies, with the right to authorize the executive management to take appropriate measures to implement the decision to issue head bonds Backup money.
2. Approving the continuation of the medium-term bond program (EMTN) with a value of $ 2 billion and authorizing the Board of Directors to update it from time to time and to pay any tranche on its maturity date and re-issue in accordance with the terms and requirements of the program and with the size and manner specified by the Board of Directors and with compliance with the instructions of the supervisory authorities and obtaining required approvals.
The extraordinary general assembly also agreed to authorize the Chairman of the Board of Directors or the Vice-Chairman of the Board of Directors to complete the necessary procedures to amend the articles of association and memorandum of association in accordance with the above, including attending and signing them at the documentation department at the Ministry of Justice and the Ministry of Economy and Industry and other official bodies.