OREANDA-NEWS. Qatar Insurance Company announced the resolutions of General Assembly meeting took place on the 21 of February 2016, approved the following:

 1)    The Directors Report on the activities of the Company, its financial position for the year ended 31st Dec. 2015, and the future plan.

2)    The auditor’s report for the financial information 2015.

3)    The company’s balance sheet, and its profit & loss account for the financial information 2015.

4)     The recommended profit distribution, being Cash Dividends of (25%) (Twenty five percent), i.e. QR. 2.5 (two and half) For each share, in addition to a Bonus Share issue of (10 %), i.e. one share for each ten shares.

5)     To consider discharging the members of the Board of Directors, and approving their remuneration of (QR. 22.5) million.

6)    The Corporate Governance Report for the year 2015.

7)    Reappointing Deloitte & Touche as auditors for the Financial Year 2016 with Fees of (QR. 540.000). 

Also the Extraordinary General Assembly took place on the same date,approved the following: 

1)    The increase in the company''''s capital from (QR. 1.846.214.370) to stand at (QR 2,030,835,807) through the capitalization of part of the profit, by distributing Bonus Share, i.e. (one share for each ten shares) , to be issued after approving this increase and authorizing the board of directors to act properly with the shares fractions .

2)    Approving the Increase capital post the effect of the increase due to bonus shares, through a rights issue of (20%) i.e.(1) one share for each (5) five shares to reach QR. (2.437.002.968) through the issuance of (40.616.716) new shares for shareholders registered in Qatar Central Securities Depository on the closing date of Tuseday 1/3/2016  as per the commercial companies law and the regulation of Qatar financial market authority  The price of the rights issu is (QR 50), which represents a par value of QR. 10 (ten) a premium of QR. (40). In addition, authorize the board of directors to complete the procedures, and obtaining the necessary approvals from the respective governing bodies according to the prevailing rules and regulations and to act properly with the shares fractions. 

3)    Amend article (6) of the company''''s article of association to reflect the above capital increases. 

4)    The amendments of the company''''s articles of association according to the company''''s law No. (11) 2015 after referring this matter with the monitoring department in the MBT. 

5)    To approve (in principal) the amendment of the par value of the company''''s share to be QR. (1) per share authorize the board of directors to complete the procedures according to the Commercial Companies law and thereafter amending article (6) in the articles of association to reflect the effect of this change. 

With this approval, the above mentioned bonus shares are now due for distribution immediately.