Mekdam Holding Group announced the increase of the company’s capital to QR 105.0 million through a private subscription, as well as the appointment of a Board of Directors member.
According to a press release posted on Qatar Stock Exchange website, the company’s Ordinary General Assembly meeting appointed by acclamation Saleh Mohammed Saleh Al Qamra Al Nabet as a Board of Directors for a term of three years from 2023 to 2026, in completion of the remaining period of the resigning member.
The company added that the Extraordinary General Assembly meeting approved the increase of the company’s capital by an amount of QR 30.0 million through a private subscription, in accordance with the regulations of the Qatar Financial Markets Authority, such that the company’s capital becomes QR 105.0 million instead of QR75.0 million.
It also approved an amendment to Article No. (5) of the company’s articles of association, so that it becomes as follows: “The issued capital of the company has been set at QR 105,000,000 (One Hundred and Five million) distributed among 105,000,000 (One Hundred and Five million) shares, the nominal value of each share is QR 1 (one).”. Instead of the current text: “The companys issued capital has been set at QR 75,000,000 (Seventy-Five million) distributed over 75,000,000 (Seventy-Five million) shares, the nominal value of each share is QR 1 (one).” The meeting also approved adding the issuance premium to the legal reserve in accordance with the provisions of Article 194 of the Companies Law No. 8 of the year 2021.
It approved paying back the net value of the sold unsubscribed shares to holders of unsubscribed rights, after deducting the subscription value amounting to QR 2.51.
It authorized the Chairman of the Board of Directors Sheikh Mohamed bin Nawaf bin Nasser bin Khaled Al-Thani to sign the amended Articles of Association and make any necessary amendments to the Articles of Association in this regard. The Chairman of the Board of Directors is also authorized to be present in front of the Authentication Department at the Ministry of Justice, and to undertake all procedures and sign all documents or requests in order to obtain all necessary approvals from the Companies Affairs Department at the Ministry of Commerce and Industry, the Qatar Financial Markets Authority, or any other department or ministry. The Chairman of the Board of Directors is also entitled to delegate other individuals to take necessary steps to complete the approval of the amended Articles of Association and register it with the relevant authorities.
Source: Qatar News Agency