Both the Ordinary General Assembly and the Extraordinary General Assembly of Estithmar Holding Q.P.S.C convened and approved the company’s financial results for the year ended December 31, 2024. Additionally, the Ordinary General Assembly approved the Board of Directors’ proposal to distribute dividends for the same period, amounting to 1 share for every 10 shares. Both assemblies also approved the agenda items, with the following highlights:
Ordinary General Assembly:
- The General Assembly approved the Board of Directors’ report on the Company’s activities and 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.
- Approving 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.
- Approval of the company’s Governance Report for the year ending on 31/12/2024.
- Approval of discharging the Board of Directors’ members of any liability for the financial year ending 31/12/2024 and the decision to distribute remunerations
- 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
Extraordinary General Assembly:
- Approval of a 10% capital increase to distribute free shares, at a ratio of 1 share for every 10 shares, to be issued after obtaining the necessary approvals, making the company’s capital 3,744,441,250 Qatari Riyals, distributed over 3,744,441,250 shares.
- Approval of amendments to Articles 5 (Company Capital) and 6 of the company’s of the provisions of the Articles of Association.
- Approval of an amendment to Article 3 of the company’s Articles of Association to change the company’s headquarters from Doha to Lusail.
- Approval of an amendment to Article 18 of the company’s Articles of Association to allow non-Qataris to own up to 100% of the company’s shares, in accordance with Article 7 of Law No. 1 of 2019.
- Approval to 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.
- Authorizing 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
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