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Ahli Bank : The AGM and EGM Endorses items on it's agenda

Al Ahli ABQK 5.78% 4.12 0.23

Ahli Bank announces the results of the AGM and EGM. The meeting was held on 24/02/2021 and the following resolution were approved

     the Ordinary and Extra-ordinary General Assembly Meeting of Ahli Bank (Q.S.C) were duly held on Wednesday 24/2/2021

1.the entire agenda has been discussed and approved. Wherein the General assembly heard the Board of Directors’ report regarding the Bank’s activities and its financial position for the year ended 31 December 2020, and discussed Bank’s future plans. It also approved the profit and loss statement for the financial year ended on 31 December 2020, and approved the Board of Directors recommendation to distribute 15% cash dividends to the shareholder. 

2.       The General Assembly meeting discussed and approved discussing the auditor’s report on internal control in accordance with the requirements of Article (24) of the Governance Code for Companies and Legal Entities Listed in the Main Market issued by QFMA Board Decision No. 05/2016.

3.       The General Assembly discussed and approved the governance report of the Bank for the year 2020.

4.       The General Assembly approved to discharge the Board of Directors’ of any liability and approved their remunerations.

5.       The General Assembly also approved the appointment of Ernst & Young  & the Bank Auditors for the year 2021 and approved their fees. 

 

The Extra - Ordinary Assembly Approved amendment of the Bank`s Articles of Association, as follows:-

Amendment of the first clause of Article (7) of the Bank’s Article of Association by increasing the ownership percentage from 3% to 5%  to read as follows:

Except for Qatar Investment Authority or Qatar Holding, no natural or juridical person may subscribe to more than Five percent (5%) of the share capital of the Company or own, at any time, in excess of such percentage other than by way of inheritance or will.

 And the Extra -Ordinary Assembly meeting has approved: 

1.       To reconfirm the previous approval for the issuance of Tier one capital bonds (qualifying as additional tier one capital) at a value of $300 million to strengthen the Bank’s capital base pursuant to the approval of the Extraordinary General Meeting held on February 26, 2020, and to authorize the Board of Directors to take all the required and necessary actions to issue the bonds and to determine the appropriate time for the offering, through private local or foreign placements, and to agree on the terms and conditions related to the issuance and obtain the necessary approvals from the Central Bank and any other governmental or non-governmental authorities, with the right to authorize the Bank’s executive management to take appropriate measures to implement the decision in order to issue the tier one capital bonds
2.       The continuation of the $2 billion medium-term bond programme (EMTN) and authorized the Board of Directors to update the programme from time to time, and to pay any tranche on its maturity date and to re-issue in accordance with the terms and conditions of the programme, and to determine the size and manner as may be specified by the Board of Directors, in compliance with the instructions of the regulatory authorities and after obtaining the necessary approvals.
 

The Extra – Ordinary General Assembly approved the authorisation of  the Chairman of Board of Directors or the Vice Chairman to complete all the necessary procedures to amend the Articles of Association to reflect the foregoing, including the right to attend and sign all the needed documents before the Authentication Department at the Ministry of justice and Ministry of  Commerce and  trade and  any other official  governmental entities.      
 

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