News Details

Barwa EGM approves amendment of the Articles of Association of the  Company

Barwa EGM approves amendment of the Articles of Association of the Company


Barwa Real Estate Company (Q.S.C.) held an Extraordinary General Assembly Meeting on Tuesday, October 25, 2016. The meeting was held in the Company Meeting Hall on the 2nd floor of Barwa Headquarters in Al Sadd area after attaining the required quorum with an attendance percentage of 51.53%
The General Assembly endorsed in its Extraordinary Meeting all the proposals and recommendations made by the Board of Directors with respect to the following:
Amendment of the Articles of Association of the Company so as to conform with the rules of the Commercial Companies Act no.11 of the year 2015, and in the form  approved by the Ministry. The EGM also approved rephrasing Article 6 of the current Articles of Association to become:
"The issued capital of the Company shall be three billion eight hundred and ninety-one million and two hundred forty-six thousand three hundred and seventy (3,891,246,370) Qatari Riyals, divided into three hundred and eighty-nine million one hundred twenty-four thousand and six hundred thirty-seven (389,124,637) shares, one of these shares is a preferred share owned by Qatari Diar for Real Estate Investment Company. The nominal value of each share is ten Qatari Riyals."
Furthermore, The EGM has approved adding the following articles to the AOA of the Company in line with the requirements of the Corporate Governance Code issued by Qatar Financial Markets Authority:
a.    After closing of the nomination date, any shareholder has the right to submit a request for obtaining information about the nominees to the Board membership, related to their work experience, educational, technical, and professional qualifications through submitting an official request to the Board Secretary, and shall obtain a reply within one working week from the date of submittal.
b.    In the occasion where a shareholder or group of shareholders have reached an agreement to sell shares in the company equal to or exceeding (50%) of the total paid up capital, this agreement shall not be enforceable unless other shareholders are given the chance to exercise their tag-along rights.
 The General Assembly also authorized the Chairman of the Board of Directors with all the necessary powers to implement the resolutions of the EGM and complete all the required procedure in that regard.
H.E. Mr. Salah Bin Ghanim Al Ali, Chairman of the Board of Directors headed the meeting in presence of all Board members and Chief Executive Officer of the Group Mr. Salman AL Muhannadi. 


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