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|24 April, 2019

Aamal Company appoints Chief Financial Officer

Imran Chughtai as Chief Financial Officer, as of March 31st 2019.

Aamal Company appoints Chief Financial Officer

Doha – Qatar: Aamal Company Q.P.S.C., one of the region’s fastest growing diversified companies, announced the appointment of Imran Chughtai as Chief Financial Officer, as of March 31st 2019. Mr. Chughtai will follow Mr. Mohammed Ramahi, who is now appointed as the Advisor to the CEO of Aamal, and the Chief Financial Officer of Al Faisal Holding, which is in turn, Aamal Company’s majority shareholder.

To ensure an appropriate handover of duties and responsibilities, a transition period has been arranged where Mr. Chughtai will work alongside Mr. Ramahi, in order to guarantee efficient work continuity.

Mr. Chughtai has more than 25 years of international financial leadership experience gained with a number of large complex MNC’s. Previously, Mr. Chughtai was Group Chief Financial Officer for Zuellig Pharma, prior to Zuellig Pharma he has held senior finance leadership roles with Huawei Technologies and with Whirlpool Corporation across Europe and Asia.  Mr. Chughtai is a Chartered Certified Accountant (ACCA) and holds a M.B.A. from the University of Warwick, UK. 

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Sheikh Mohammed Bin Faisal Al Thani, CEO and Managing Director of Aamal Company, commented: “I am delighted to welcome Mr. Imran Chughtai as the new CFO of Aamal. He brings considerable experience and expertise in his field, and I am confident he will make a significant contribution and add further value to the strength of our executive management capability.  I would also like to thank Mr. Mohammed Ramahi for his outstanding contribution and commitment to date in managing the financial strategy of the company effectively and in line with the best standards of international practice. We wish him all the best in his new role as Al Faisal Holding’s Chief Financial Officer and Advisor to the CEO of Aamal Company.”

“As one of Qatar’s leading companies we are a major part of the country’s growing private sector and contributor to the growth of the Qatari economy. As we continue to develop and realise our plans to further grow the scope and scale of our business, I am confident we have the strength of Executive Management team in place to optimize our operational and financial performance and create value for all our stakeholders”, Sheikh Mohammed added.

-Ends-

This announcement is not considered price-sensitive information. Referencing  Articles (47), (50), and (58) of QFMA’s Rulebook on Offering and Listing of Securities and QFMA’s instructions on the disclosure of significant non-financial information that has impact on the share price of a listed company, this corporate news 21doesn’t fall under the scope of the rules and regulations concerning disclosing non-financial price-sensitive information.

Further enquiries
Aamal Company                                                    
+974 44223888
Laura Ackel
Communications and Marketing Officer
(mobile # +974 6671 6576)
laura.ackel@aamal.com.qa 

About Aamal Company Q.P.S.C.

Aamal is one of the region’s fastest growing diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As at 24 April 2019, the Company had a market capitalisation of QAR 6.0 bn (US$ 1.6 bn).

Aamal’s operations are widely diversified and comprise 26 active business units (subsidiaries and joint ventures) with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar’s wider economic growth and development. Aamal is focused on self-financed and profitable growth, delivering an average increase in underlying profits in excess of 11.1% (i.e. before fair value gains on investment properties) over the twelve years to end-2018.

For further information on Aamal Company, please refer to the corporate website: www.aamal.com.qa  

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