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GWC Approved 2018 Financial Results at General Assembly

GWC AGM EGM

GWC held its Ordinary and Extraordinary Assembly general meeting recently, and approved the group’s financial results for the year, which ended on 31 December 2018.

GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani

The meeting was held at Four Seasons Hotel Doha, led by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani and attended by representatives of the Ministry of Commerce and Industry, GWC external auditors KPMG, company shareholders, and media representatives.

The General Assembly ratified all items included in its agenda, including the proposal by the Board of Directors to distribute a cash dividend of 19% of the nominal share value (QAR1.9 per share). The dividends will be distributed through the designated branches of Masraf Al Rayan.

The Assembly also did a thorough review of the company’s compliance with the Corporate Governance Code observed in Qatar. Ernst and Young was appointed as external auditors. The general assembly also cleared the company board members of any possible liability, setting the proper remuneration for the board.

Extraordinary Assembly General Meeting

For the Extraordinary Assembly General Meeting, the company presented a number of amendments to the company’s constitution in accordance with the laws and regulations of Qatar Financial Markets Authority.

These included the following amendments to:

  • Article 2 To comply with the existing activities listed in the company’s commercial registry
  • Article 5 Changing the nominal value of shares from QAR10 to QAR1
  • Article 13 Changing the maximum ownership rate from 25% to 35%, in compliance with QFMA Resolution No 1 for 2016
  • Article 25 To remove the names of the Board of Directors
  • Article 26 Limiting the number of shareholding companies that members of the board, the chairman, and vice chairman are allowed to be on
  • Article 32 Adding the phrase: ‘without resorting to the Extraordinary Assembly General Meeting’
  • Article 33 Governing the number of members who must attend board meetings, requiring the attendance of either the chairman or vice chairman, and the number of votes needed to pass a resolution, so it complies with Articles 14 and 101 of the Corporate Code
  • Article 36 Allowing a board member to sign on behalf of the chairman by virtue of a written authorisation
  • Article 48 Stating how items are added onto the AGM/EGM agenda 

The company also included details on the above amendments in the invitation and on their website, for review before the EGM.

According to GWC Chairman Sheikh Jabor Al Thani, GWC, by grace of Allah, is maintaining its position as the leading logistics provider in Qatar, and has continued to support the nation’s growing needs, while laying foundations and strategies in line with Qatar National Vision 2030.

The general assembly gathered following a year of achievement for the company, starting with the company entering a management agreement with Al Asmakh Real Estate, placing the Bu Fesseela Warehousing Park under GWC management. The company also launched a number of new services, while maintaining its presence in the market through its established solutions.

GWC Group CEO Ranjeev Menon said that GWC’s achievements over the last 15 years reflect the success of their long-term strategy, supporting Qatar National Vision 2030 become a sustainable and diverse economy, and ensuring the best possible returns for shareholders.

For more information about GWC, visit their website at gwclogistics.com.

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