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Oil & Gas

Woqod Raises Shares for Non-Qatari Ownership to 49%, Private Ownership to 1%

Woqod extraordinary general assembly

Qatar Fuel (Woqod) recently held an Extraordinary General Assembly led by its Chairman of the Board of Directors Ahmed Saif Al Sulaiti.

The assembly amended Article 9-1 of the company, to raise the non-Qatari ownership of the company to 49% of the share capital and to raise the limits of ownership to 1%.

The amended article reads as follows:‎

Except for the owner of the privileged ‎share, Shafallah Centre 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.‎

The amendment came following the ‎instructions of Qatar Petroleum to its listed affiliate companies, and the request of ‎Qatar Stock Exchange for said amendments to enhance 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. ‎

For updates and more information about WOQOD, visit woqod.com.

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