Al Meera Consumer Goods Company (Q.S.C) held an Extraordinary General Assembly on Wednesday 5th of October 2016, at La Cigale Hotel in Al Sadd area. 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 third meeting was held in presence of the attendees who answered the call.
The following points were discussed and agreed upon during the meeting:
- Amendment of the Articles of Association of the company as per the regulatory requirements so as to conform with the rules of the Commercial Companies Act no 11 of the year 2015.
- Amend Article no (6) of the Articles of Association of the company to transfer the shares of the Government of the State of Qatar amounting to 26% in Al MEERA Company to Qatar Holding Company.
- Amend Article no (26) of the Articles of Association amended by Decree of the Extraordinary General Assembly held on 8/6/2008 that states “The Board of Directors shall manage the company and shall consist of seven members two of them shall be appointed by the Ministry of Economy and Commerce against the shares of the State of Qatar provided that one of them shall be the Chairman of the Board. The remaining members shall be elected by secret ballot and the Government of the State of Qatar may not participate in the election of the board members.”
The amendment was read as follows:
“The Board of Directors of the company shall manage the company. The board shall consist of seven members 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”.
- Amend Article no (35) of the Articles of Association that states “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 on condition that the Minister of Economy and Commerce’s approval shall be obtained in the event that the dismissal shall be related to the Chairman of the Board or any of the members representing the Government of the State of Qatar”.
The amendment was read as follows:
“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.”
- 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”.
- Authorize 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.
Prior to the meeting, Al Meera had advised shareholders who are not able to attend the Extraordinary General Assembly meetings to authorize another shareholder in writing, as long as the authorized agent is not a Board of Directors’ member and does not hold more than 5% of the company’s shares. Al Meera had also requested representatives of companies to present an authorization letter stating their mandate to represent those companies.
Trading was suspended on the day of the General Assembly meeting.
The meeting was chaired by Dr. Saif Said Al Sowaidi, Vice Chairman of the Board of Directors, as well as members of the Board of Directors, and shareholders who said:
“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.”
He added: “Your Company has been able to take firm steps that empowered it to assume a leading position in the consumer goods retail sector. In this context, the company relies on its expansion and development plan, in order to keep pace with the population boom and the urban changes in the State of Qatar, along with its ongoing pursuit of meeting the expectations of consumers and the ambitions and goals of shareholders. Your company is still the focus of attention of local and foreign investors and their investment destination of choice, which is what gives us confidence in the market, and drives us towards exerting more effort.”
And according to Al Meera’s latest Annual Report for the year 2015, released earlier this year, 2015 was yet another year of outstanding accomplishments and tremendous achievements in the company’s expansion milestones, operations and financial growth.
Bringing life to family shopping, the report reaffirmed the company’s adherence to world-class shopping standards at the service of consumer needs and satisfaction, as well as at the various communities, nationals and residents in the State of Qatar.
The Board of Directors’ Report stated that Al Meera’s expansion plans are stretching to new heights with the setup of 14 new shopping centers spread across the country; a result of strategic research to keep pace with Qatar’s urban planning, which has extended to new areas and others that have recently witnessed a population boom.