WOQOD raises the non-Qatari ownership to 49% and the private ownership to 1%

It is worth noting that WOQOD attempted to convene its Extra Ordinary General Assembly meeting on 06/05/2018 & 09/05/2018 respectively but the meetings had been postponed for today due to lack of the necessary quorum.

  
WOQOD raises the non-Qatari ownership to 49% and the private ownership to 1%

Qatar Fuel (WOQOD) Extraordinary General Assembly (EGM) Chaired by Mr. Ahmed Saif Al-Sulaiti, Chairman of the Board of Directors held its meeting on Sunday 10/06/2018, where the EGM amended Article 9-1 of the company Articles of Associations to raise the non-Qatari ownership to 49% of the company share capital and to raise the limits of ownership to the one shareholder to 1%.

It is worth noting that WOQOD attempted to convene its Extra Ordinary General Assembly meeting on 06/05/2018 & 09/05/2018 respectively but the meetings had been postponed for today due to lack of the necessary quorum.

Engineer Al-Muhannadi indicated that this amendment 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. ‎

The amended Article 9-1 of WOQOD Articles of Associations reads as follows:‎

‎"Except for the owner of the privileged ‎share, Shafallah Center and the State of ‎Qatar (as defined in Qatar Financial ‎Market Authority Decision No. 1 of ‎‎2016), the Qatar Foundation for ‎Education, Science and Community ‎Development, The Qatar Investment ‎Authority and Qatar Holding Company, ‎no natural or legal person may at any ‎time - directly or indirectly - hold shares ‎in the Company in excess of 1% of the ‎issued capital.‎

Subject to the provisions of the above ‎paragraph, non-Qataris may hold a total ‎percentage of the capital of the ‎Company not exceeding 49% of the ‎issued capital in accordance with the ‎provisions of Law No. 9 of 2014 ‎regulating the investment of foreign ‎capital in economic activity”.‎

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases