QIC board meeting proposes capital increase, reviews 2018 performance

The QIC Board of Directors in their meeting held on Sunday, reviewed company’s performance, the financial information for the year 2018, the auditor’s report and the QR646m profits realised.

The board recommended a cash dividend of 15 percent from the share par value, i.e. QR1.5 for each share. The board has also proposed increase in capital by QR77,042,580 through the private issuance of 7,704,258 shares. Share price is QR36.57 per share, QR10 nominal value + QR26.57 share premium. Only the minority shareholders of the subsidiary QIC Capital, registered in Qatar Financial Center, has full rights of subscription

In addition, the board also proposed to change the nominal value of the share price to be one Qatari Riyal as implementation of Qatar Financial Market Authority’s (QFMA) resolution issued at its fourth meeting of 2018 held on 16 December 2018.

Also the board has also proposed amendment of Article (5) of the Articles of association in respect of condition number 3 of the conditions of membership of the board of directors, that shareholder should hold two million shares of the company.

Also the board approved board of directors report and corporate governance report for the year 2018 in addition to remuneration policy for the year 2019 and standard of operations of Nomination and remuneration committee

This recommendation will be presented to the annual and extraordinary general meeting which will be held in Four seasons Hotel on Tuesday, February 26, 2019 at 4.30 pm.

The dividends recommendations have to be approved from Qatar Central Bank.


Source from: The Peninsula