Al Meera Consumer Goods Company officials addressing shareholders in its Extraordinary General Assembly Meeting held yesterday at La Cigale Hotel.
DOHA: Shareholders of Al Meera Consumer Goods Company in its Extraordinary General Assembly Meeting yesterday agreed to transfer the shares of the Government of Qatar amounting to 26 percent in the company to Qatar Holding Company.
Amending the articles of association, the meeting decided that the board shall consist of seven members and two of them shall be appointed by the Qatar Holding Company against its shares in the company provided that one of them shall be the Chairman of the Board. The other members shall be elected by secret ballot and Qatar Holding Company may not participate in the election of the board members.
The meeting, held at La Cigale, was chaired by Dr. Saif Said Al Sowaidi, Vice Chairman of the Board of Directors. The third meeting was called by Sheikh Thani bin Thamer Al Thani, Al Meera’s Chairman of the Board of Directors, following the postponement of the second meeting dated September 4th due to the incomplete quorum.
“The call for this Extraordinary General Assembly meeting of Al Meera Consumer Goods Company stems from the keenness of the Board of Directors to interact with shareholders, in the framework of the system of governance and related laws, to address topics on the agenda,” said Dr Saif Said Al Sowaidi.
During the meeting it was agreed to amend Article no (35) of the Articles of Association. “The General Assembly may dismiss the Chairman of the Board or any of the Board Members according to the suggestion issued by the Board of Directors by absolute majority, or according to the request signed by a number of shareholders holding not less than quarter of the company’s capital subject the approval of Qatar Holding if the dismissal is related to the Chairman of the Board or the other member who is appointed for the Holding Company’s shares,” read the amended article.
It was agreed that the sentence “The Government of the State of Qatar “shall be replaced with the sentence “Qatar Holding Company” wherever seen and read in the company’s Articles of Association”.
Shareholders agreed to authorise the Board of Directors with all the necessary powers to implement the resolutions mentioned above and complete all the procedures before the official offices in the country to abide by the companies’ law.Addressing the shareholders Dr Saif Said Al Sowaidi said the company has been able to take firm steps that empowered it to assume a leading position in the consumer goods retail sector. The company relies on its expansion and development plan, in order to keep pace with the population boom and the urban changes in Qatar.
