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THEAGM AND EGM OF WOQOD ENDORSES ITEMS ON ITS AGENDA AND APPROVES THE DISTRIBUTION OF 80% CASH DIVIDEND

Woqod QFLS 0.27% 14.77 0.04

Qatar Fuel (WOQOD) has disclosed the results of the Ordinary and Extra-Ordinary Assembly meeting held on 25/03/2019, and discussed the items listed on its agenda and issued the following resolutions:


 First: Ordinary General Assembly ‎


1. Approved of the report on company activities, financial standing for the year 2018, and its future plans.
2. Approved of the report on Qatar Fuel and affiliated companies (the Group), financial statements for the Fiscal period ended 31/12/2018.
3. Approved of company financial statements and profit and loss account for the year 2018 ended 31/12/2018.
4. Approved of the distribution of (8) Riyals per share to shareholders by way of dividends, from net profits realised for the year 2018.  
5. Approved of the management actions and for any liability or responsibility in relation to the fiscal year ended 31/12/2018.
6. Approved of the recommendation of the Board of Directors for determination of the amount of QR 9.750.000 as Board of Directors remuneration.
7. Approved of the renewal of the assignment of the audit firm, KPMG for acting as external auditor for WOQOD accounts for the year 2019 .
8. Approved of the Qatar Fuel Governance Report for the year 2018.

 Second: Extra Ordinary General Assembly ‎

1. Amendment of Article 6-1 of WOQOD company Articles of Associations to the effect that the authorized share capital of Qatar Fuel (WOQOD) has ‎been fixed as Qrs. 1.000.000.000 ‎‎(one billion ‎Qatari Riyals) divided into (1.000.000.000) (one ‎billion) shares, with a ‎nominal per value of one ‎Qatari Riyal for each share.‎
2. Amendment of Article 6-2 to the effect that the issued share capital has been fixed at QRs. ‎‎994.255.760 (nine hundred ninety-four million, ‎two hundred fifty-five thousand and seven ‎hundred and sixty) Qatari Riyals, divided by ‎‎994.255.760 (nine hundred ninety-four million, ‎two hundred fifty-five thousand and seven ‎hundred and sixty) shares, with a nominal per value ‎of QR. 1 for each share.‎
3. Amendment of Article 20-3 of the Articles of Associations to the effect that the elected board member shall be required to be ‎the owner of a number of shares of not less than ‎‎50,000 (fifty thousand) shares, which shall be ‎allocated and preserved to guarantee the rights of ‎the company, shareholders, creditors and others ‎against the liability of the Board of Directors. The ‎security shares are not negotiable until the end of ‎this membership and the ratification of financial ‎statements of the last fiscal year in which the ‎member acts.‎
4. WOQOD EGM indorsed a resolution to the effect that the increase by 10 fold the shares of each shareholder for the shares held by him shall be effective as from the date to be determined by the Regulatory Authorities.     ‎
5. ‎WOQOD EGM indorsed a resolution authorizing the Chairman and/or ‎the Chief Executive ‎Officer of WOQOD to complete the procedures of amending ‎the Articles of association and all other ‎related matters and coordinating with all ‎concerned parties and signing the necessary documents، letters ‎and documents.

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