OREANDA-NEWS. Gulf Warehousing Company Announces the results of its Extraordinary General Meeting held on Sunday, September 13th, 2015 at the Hilton Hotel Doha. The assembly verified and approved the following:

First: To approve the increase of company’s capital by rights issue at a rate of 25% of the company’s share capital, equivalent to 11,890,244 shares:

The assembly at the Extraordinary General Meeting heard the board of director’s report, and approved the proposal to increase the company’s capital through a new rights issue at a rate of 25% of the company’s share capital, equivalent to 11,890,244 shares, at a rate of QAR38.50 per share for shareholders. The assembly also approved the amendment of Article 6 of the company’s constitution and articles of association, as well as approving the board of director’s right to decide on share fractions.

To this end, Masraf Al Rayan group shall be assigned as the issues manager for this rights issue, as well as assigning Ernst and Young as the financial advisor and external auditors for the same. The rights issue will be granted to the shareholders registered in the shareholder’s register with the Qatar Exchange at the close of business on October 12th, 2015. Further cutoff dates, subscription period and terms and conditions will be sent for required regulatory approvals. After that, same will be advertised in local newspapers.

Second: Amending Article 30 of the company’s constitution and articles of association:

The assembly at the Extraordinary General Meeting agreed to amend Article 30 of the company’s constitution and articles of association so that it reads: “The Board of Directors shall elect by secret ballot Chairman and Vice-Chairman for three years.” (Previously only one year).