Estithmar Holding Q.P.S.C. announces the results of its Board of Directors’ meeting held on 5/10/2023 and the following was resolved :

 

1.      Approval of opening nominations for membership in the Board of Directors to fill the position of one board member under the category (non-independent) and to invite any candidate who meets the legal conditions, specified in the company’s Articles of Association, the Commercial Companies Law, and the Governance Code for Companies and Legal Entities Listed on the Main Market issued by QFMA and all relevant legislation and laws, to run for membership in the Board during the period extending from Tuesday, October 10, 2023, until Tuesday, October 24, 2023 inclusive, from 9:0 a.m. until 2:00 p.m.

2.      Invite the Ordinary General Assembly to meet to elect one member to the Board of Directors (non-independent) until the end of the current Board’s term April 11, 2025, provided that the date of the General Assembly meeting is set after obtaining the necessary legal approvals from the relevant official authorities.

3.      Approval to accept the Managing Director’s request to step down from his position, provided that he continues his position as a member of the Board of Directors representing Urbacon Trading & Contracting Company W.L.L., in addition to continuing his membership in the committees affiliated with the Board of Directors, and discharging him of all liability during his tenure in this position and thanking him for the efforts he made during his tenure in this position.

4.      Approval to amend the organizational structure of the executive management of Estithmar Holding Q.P.S.C. by appointing a President and abolishing the position of Managing Director.

5.      Approval to establish a new company owned by one of the subsidiaries of Estithmar Holding Q.P.S.C., provided that this company is re-registered in the Republic of Maldives for the purpose of entering into the Hulhumale Integrated Central Business District development project in the Republic of Maldives.

6.      Approval of the establishment of a subsidiary company owned by Elegancia Healthcare, a subsidiary of Estithmar Holding Q.P.S.C., in the People’s Democratic Republic of Algeria for the purpose of developing and managing a hospital in the People’s Democratic Republic of Algeria.

7.      Approval to establish a branch of a subsidiary of Estithmar Holding Q.P.S.C. in the Republic of Iraq.