Doha:– Chief Executive officer of Qatar Fuel, Engineer Saad Rashid Al-Muhannadi announced that Qatar Fuel Board of Directors issued a resolution recommending to the company extra ordinary General Assembly meeting to increase the percentage of non-Qatari ownership to 49% and also to increase the maximum limit of individual ownership to 1% of WOQOD share capital.
Engineer Al-Muhannadi indicated that this recommendations came in order to give effect to the instructions of Qatar Petroleum to its listed affiliate companies, and also to address the request of Qatar Stock Exchange to undertake the said amendments with the purpose of enhancing the investment attractiveness of Qatari companies, after classification of the State of Qatar was raised by MSCI and a number of international indexing agencies to the level of emerging markets, thus becoming the largest emerging market in the region.
Engineer Al-Muhannadi pointed out that this necessitates the introduction of certain amendments on the Articles of Association of Qatar Fuel (WOQOD), particularly article (9-1) thereof, thus prompting the Board to issue an invitation for an Extra Ordinary General Assembly meeting at 04:30 pm. on 06/05/2018 as an original timing for the meeting to be convened at Abdulla Bin Hamad Al Attiya Hall, 21st floor, WOQOD Tower, Westbay, to endorse the recommendation of the Board for increasing the two percentages and amending the Articles of Association in accordance with the recommendation, and on 09/05/2018 at the same time and venue as an alternate timing in case the necessary quorum for the first meeting is not attained, and at 09:00 pm. on 10/06/2018 at WOQOD Tower, as a second alternate timing in case the quorum is not attained for the meeting on the alternate date.
Engineer Al-Muhannadi indicated that the current approved percentage of non-Qatari ownership of company’s shares amounts to 25%, which percentage had been approved by virtue of a binding decision issued by the Minister of Finance in the year 2004. This was not included in WOQOD Articles of Associations and the position continued without rectification despite the issuance of law No. (9) of 2014 for Regularization of Foreign capital investment in Economic Activities, which availed the listed companies with the option (without being obliged so to do) to raise the percentage up to 49% upon the approval of the Ministry of Economy and Trade and inclusions of the same in the company Articles of Association.
© Press Release 2018