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Woqod expands board, amends EGM majority

Woqod expands board, amends EGM majority
The Qatari fuel company last logged QAR 176.46 million in profits
Woqod
QFLS
0.27% 14.77 0.04

Doha – Mubasher: The extraordinary general meeting (EGM) of Qatar Fuel (Woqod) has approved amending several of the company’s articles of association in accordance with the substantive developments, including requisites of the corporate governance system.

The EGM, held Tuesday, decided to exempt the state of Qatar, Qatar Foundation for Education, Science and Community Development, the Qatar Investment Authority (QIA), and Qatar Holding Company from the requirement for a maximum limit of ownership of the company’s shares.

“The maximum limit of company shares ownership provided for by Article 9-1 of the articles of associations, specifying the maximum ownership limit at 0.000333 of the share capital, currently equaling 33,140 shares,” Woqod said in a bourse filing on Wednesday.

CEO Saad Rashid Al Muhannadi said that this amendment “was effected to cope with the requirements of the Decision No. 1 of the year 2016 issued by the Qatar Financial Markets Authority regarding the subject matter.”

The amendments comprised a change in the mechanism for issuing resolutions, so that future EGM resolutions are endorsed by a “simple majority” rather than the 66% member-majority that was previously in force.

The EGM also approved raising the number of board members to nine from their current seven, citing the need “to make the board membership commensurable with the proportionate increase of company share capital, assets, and the diversification and development of its projects.”

Other reasons included introducing the National Retirement and Social Insurance Fund “as a big shareholder with a 20% stake in the company’s share capital,” according to the statement.

The Qatari fuel company last logged QAR 176.46 million in profits in the first quarter of 2017, registering a decline of 27.3% from QAR 242.69 million in Q1-16.