Doha – Mubasher: Mazaya Qatar Real Estate Development Company on Tuesday announced that its extraordinary general meeting (EGM) has approved raising its capital.

The EGM nodded to increasing the company’s capital by 5% representing 5,512,500 shares, so that the company’s capital shall become QAR 1.157 billion, distributed over 115,762,500 shares.

The shareholders approved increasing the number of board members to nine from eight.

The EGM also decided to amend Article 5 of the company’s articles of association to reflect the capital increase and authorise the board to take all requested decisions. 

Mazaya Qatar previously reported a drop of 33.8% in its profits reaching QAR 74.63 million in 2016, compared to QAR 112.72 million in 2015.