Further to the disclosures issued in April 2022 AD and on December 8, 2022 AD, Qatar Insurance Company would like to announce the most important decisions taken at the Extraordinary General Assembly meeting of the Omani Qatar Insurance Company SAOG - a subsidiary of the Group - held on December 27, 2022 regarding the merger Omani Qatar Insurance Company with Vision Insurance Company SAOG (“Vision Insurance Company”), whereby the assembly agreed on the following:
1 - Approval of the proposal to merge the Omani Qatari Insurance Company SAOG with Vision Insurance Company SAOG and to merge it through consolidation in accordance with Article 33/1 and Article 35 of the Commercial Companies Law (issued by Royal Decree No. 18/ 2019).
2 - Approval of the proposal to increase the authorized capital of the company from 20 million Omani riyals to 30 million Omani riyals, and amending Article No. (5) of the company’s articles of association regarding the company’s capital.
3- Approving the proposal to increase the company’s issued capital from RO 10 million to RO 22 million (maximum), and allocating the shares of the increase in favor of Qatar Insurance Company and Al Hosn Investment Company SAOC at an issuance price of 196 baizas and amendment Article (5) of the Company’s Articles of Association regarding the company’s capital, after completing the merger procedures and registering the new capital with the Registrar.
4- Approving the authorization of the Board of Directors or whoever is assigned by them to complete all procedures and approvals required to implement the above-mentioned Assembly decisions with any of the concerned authorities.