Commercialbank approves distribution of 40% cash dividend

The Ordinary General Assembly approved all the Agenda items for the meeting. The Assembly also approved the appointment of Ernst & Young as the Bank's External Auditors for 2008.

The Assembly elected the following directors for a term of three years: HE Abdullah bin Khalifa Al Attiyah, Sh Abdullah bin Ali bin Jabor Al Thani, Mr Hussain Ebrahim Alfardan, Nasser bin Faleh Al Thani Group (represented by Sh Nasser bin Faleh Al Thani), Mr Jassim Mohd Jabor Al Mossallam, Mr Abdullah Mohd Ibrahim Al Mannai, Qatar Insurance Company (Represented by Mr Khalifah Abdullah Al Subaey), Sh Jabor bin Ali bin Jabor Al Thani, Mr Omar Hussain Ebrahim Alfardan.

The following were elected as reserve members: United Development Company (Q.S.C.) - First Reserve Member, (represented by Mr Abdul Rahman bin Hamad Al Attiyah), and Hassan bin Hassan Al Mulla and Sons Trading Company - Second Reserve Member (represented by Mr Hassan bin Hassan Al Mulla Al Jufairi).

At a Board Meeting held following the Ordinary and Extraordinary General Assemblies, the following directors were elected as office holders on the Board: H.E. Abdullah bin Khalifa Al Attiyah - Chairman; Sheikh Abdullah bin Ali bin Jabor Al Thani - Deputy Chairman; and Mr. Hussain Ebrahim Al Fardan - Managing Director

At the Extraordinary General Assembly, the shareholders resolved to approve the increase in the Bank's paid up capital by 30% from QR1,401,579,330 to QR1,822,053,120 by issuing bonus shares to shareholders on the basis of 3 new shares for every 10 held.
In respect of further increases in the Bank's capital, the Assembly approved an increase of capital by way of rights issue of 1 share for every 10 shares held, at a price QR70/- per share, but subject to the issue date being deferred until a date during the fourth quarter of 2008 to be determined with the approval of the Ministry of Economy and Commerce.

The Assembly requested the Board, after consultation with Management, to review alternative methods of raising capital and to present them to a further General Assembly to be held within 90 days. Consideration of the second rights issue which had previously been announced should be deferred to that General Assembly.

The Assembly approved the amendment of Article 6 the Bank's Articles of Association to reflect the increase in the Bank's share capital following implementation of the increases in capital mentioned above.

The Assembly approved the amendment of Article 3 of the Bank's Articles of Association to include the activity of marketing insurance products within the Bank's objects.