Last checked at 27 Nov 2008 07:51
COMMERCIALBANK ANNOUNCES THE RESULTS OF ITS EXTRAORDINARY GENERAL ASSEMBLY.
At the Extraordinary General Assembly of Commercialbank held on 26 November 2008, the Shareholders passed the following resolutions:
The Assembly approved the Board's recommendation to cancel the following resolution passed by shareholders at the Extraordinary General Assembly held on 12 March 2008:
"To increase the Bank's capital by way of rights issue of 1 share for every 10 shares held, at a price of QR70 per share, but subject to the issue date being deferred until a date during the fourth quarter of 2008 to be determined with the approval of the Ministry of Economy and Commerce".
2. The Shareholders approved to increase the share capital of the Company from QR.2,062,053,120 to a maximum of QR.2,474,463,750 by the issue to the Qatar Investment Authority of up to 41,241,063 new ordinary shares at a subscription price of such amount (inclusive of premium) as equals the closing price on the Doha Securities Market of the ordinary shares of the Company on Sunday 12 October 2008, and having such other terms and conditions as the Board of Directors may at its discretion decide.
The shareholders waived their priority right to subscribe for the new shares as an exception from the provisions of Article 20 of the Company's Articles of Association, and Article 193 of the Commercial Companies Law (Law No.5 of 2002).
The Assembly authorised the Board of Directors to approve the date of issue of the new shares referred to in the previous resolution.
The Assembly approved the amendment of Article 6 of the Company's Articles of Association to reflect the increase in capital referred to in the previous resolutions.
6- The shareholders approved the amendment of Article 7 of the Company's Articles of Association to read after amendment as follows:
"All shares shall be nominal and fully paid. No person, natural or juridical, shall own at any time more than 5% of the total shares of the Company by any means other than inheritance of testament except for (a) Qatar Investment Authority and (b) a Custodian Bank or Depositary Bank which is holding shares in respect of an offering of Global Depositary Receipts approved by an Extraordinary General Assembly of the Company"
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