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.