13-03-2025
Estithmar Holding announces the results of the AGM and EGM. The meeting was held on 12/03/2025 and the following resolution were approved:
The Ordinary General Assembly results:
The General Assembly approved the Board of Directors’ report on the Company’s activities, financial position for the year ending 31/12/2024.
The General Assembly approved the auditors’ report on the financial statements of the Company for the year ending 31/12/2024.
The General Assembly approved the company’s Balance Sheet and profit and loss statement for the year ending 31/12/2023.
The General Assembly approved the distribution of dividends for the period ending December 31, 2024, at a rate of 10% of the company's capital by distributing free shares at a rate of (1) share for every (10) shares (equivalent to 0.1 share per share), and the allocation of fractional shares resulting from the distribution process to Estithmar Holding Q.P.S.C., if any.
The General Assembly approved the company’s Governance Report for the year ending on 31/12/2024.
The General Assembly approved discharging the Board of Directors’ members of any liability for the financial year ending 31/12/2024 and the decision to distribute total remunerations amounting to QAR 3,240,000 (Three million two hundred forty thousand Qatari Riyals). This amount will be divided into: QAR 1,388,000 (One million three hundred eighty-eight thousand Qatari Riyals) for meeting attendance allowances for Board meetings and its committees, in accordance with the Board’s attendance policy, and QAR 1,852,000 (One million eight hundred fifty-two thousand Qatari Riyals) as annual bonuses, to be distributed equally among the Board members.
The General Assembly approved the appointment of Russell Bedford & Partners as the Auditors for the financial year ending 31/12/2024 and approved their fees as per the Board’s recommendations.
The Extraordinary General Assembly results:
The Extraordinary General Assembly approved a 10% increase in the company's capital for the distribution of free shares, at a ratio of one (1) share for every ten (10) shares. The shares will be issued upon obtaining the necessary approvals, bringing the company's total capital to QAR 3,744,441,250, divided into 3,744,441,250 shares.
The Extraordinary General Assembly approved reschedule the discussion of the second item of the agenda due to the lack of necessary approvals and agreed to defer the discussion of this item to a future Extraordinary General Assembly to be held after obtaining the required approvals.
The Extraordinary General Assembly approved the amendment to Articles 5 (Company's Capital) of the provisions of the Articles of Association.
The Extraordinary General Assembly approved the amendment of Article (3) of the company's Articles of Association to change the company's headquarters from Doha to Lusail.
The Extraordinary General Assembly approved the amendment of Article 18 of the company's Articles of Association to allow non-Qataris to contribute up to 100% of the company’s shares, in accordance with Article 7 of Law No. 1 of 2019.
The Extraordinary General Assembly approved the extension of the selling period for shares held by related parties, with the aim of reducing their ownership in the company, whether currently owned or acquired in the future, to less than 75% of the issued capital. This extension will last for 24 months from the date of approval by the Extraordinary General Assembly, in compliance with the applicable rules under the Qatar Financial Markets Authority.
Authorize the Chairman of the Board of Directors, the Vice Chairman of the Board of Directors individually, and any person selected by the Chairman of the Board of Directors of Estithmar Holding Q.P.S.C. to apply for the required approvals and to review with the Prime Minister’s Office, the Ministry of Justice, the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, the Qatar Stock Exchange, Qatar Central Securities Depository, and any other relevant authority in the State of Qatar, in order to amend the company's Articles of Association, sign it, submit any necessary documents for making those amendments, and represent the company to any public or private entity concerning the issuance of shares. This includes signing and submitting on behalf of the company all documents, notifications, permits, or agreements that the authorized person considers appropriate concerning the issuance of shares."