WOQOD raises the non-Qatari ownership to 49% and the private ownership to 1%

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Qatar Fuel (WOQOD) Extraordinary General Assembly (EGM) Chaired by Mr. Ahmed Saif Al-Sulaiti, Chairman of the Board of Directors held its meeting on Sunday 10/06/2018, where the EGM amended Article 9-1 of the company Articles of Associations to raise the non-Qatari ownership to 49% of the company share capital and to raise the limits of ownership to the one shareholder to 1%.

It is worth noting that WOQOD attempted to convene its Extra Ordinary General Assembly meeting on 06/05/2018 & 09/05/2018 respectively but the meetings had been postponed for today due to lack of the necessary quorum.

Engineer Al-Muhannadi indicated that this amendment came in order to give effect to the ‎instructions of Qatar Petroleum to its listed affiliate companies, and also to address the request of ‎Qatar Stock Exchange to undertake the said amendments with the purpose of enhancing the ‎investment attractiveness of Qatari companies, after classification of the State of Qatar was raised ‎by MSCI and a number of international indexing agencies to the level of emerging markets, thus ‎becoming the largest emerging market in the region. ‎

The amended Article 9-1 of WOQOD Articles of Associations reads as follows:‎

‎”Except for the owner of the privileged ‎share, Shafallah Center and the State of ‎Qatar (as defined in Qatar Financial ‎Market Authority Decision No. 1 of ‎‎2016), the Qatar Foundation for ‎Education, Science and Community ‎Development, The Qatar Investment ‎Authority and Qatar Holding Company, ‎no natural or legal person may at any ‎time – directly or indirectly – hold shares ‎in the Company in excess of 1% of the ‎issued capital.‎

Subject to the provisions of the above ‎paragraph, non-Qataris may hold a total ‎percentage of the capital of the ‎Company not exceeding 49% of the ‎issued capital in accordance with the ‎provisions of Law No. 9 of 2014 ‎regulating the investment of foreign ‎capital in economic activity”.‎

 

 

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