Doha – Mubasher: Zad Holding Co. on Tuesday is shareholders approved cash dividends for the full year 2016.
The company said its its annual general meeting (AGM) and extraordinary general meeting (EGM) were held on 24 April, according to a filing to the Qatar Stock Exchange (QSE).
The AGM approved the board of director’s recommendation to distribute cash dividends representing 45% of its capital as well as shareholders’ remunerations.
Shareholders also approved the appointment of KPMG as Zad's external auditor for the year 2017, and elected a new board for the new term from 2017 to 2019.
The EGM approved the board’s recommendation for making necessary amendments to the company's articles of association to be in line with the Qatari commercial companies’ law.
Zad also approved decisions "to amend article 8 of the articles of association to be (no one, individual or institution, shall subscribe at the founding of the company in more than 400 (four hundred) shares," according to the statement.
"At any time, no one shall own more than 15% of the share capital of the company other than through inheritance or testament)," Zad added.
The Qatari Company previously reported a 4.6% increase in its profits, achieving QAR 167.6 million in 2016, compared to QAR 160.3 million in 2015.
