The Assembly approved the Board's recommendation to cancel the following resolution passed by shareholders at the Extraordinary General Assembly held on 12 March 2008:
"To increase the Bank's capital by way of rights issue of 1 share for every 10 shares held, at a price of 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 Shareholders approved to increase the share capital of the Company from QR.2,062,053,120 to a maximum of QR.2,474,463,750 by the issue to the Qatar Investment Authority of up to 41,241,063 new ordinary shares at a subscription price of such amount (inclusive of premium) as equals the closing price on the Doha Securities Market of the ordinary shares of the Company on Sunday 12 October 2008, and having such other terms and conditions as the Board of Directors may at its discretion decide.
The shareholders waived their priority right to subscribe for the new shares as an exception from the provisions of Article 20 of the Company's Articles of Association, and Article 193 of the Commercial Companies Law (Law No.5 of 2002).
The Assembly authorised the Board of Directors to approve the date of issue of the new shares referred to in the previous resolution.
The Assembly approved the amendment of Article 6 of the Company's Articles of Association to reflect the increase in capital referred to in the previous resolutions.
The shareholders approved the amendment of Article 7 of the Company's Articles of Association to read after amendment as follows:
"All shares shall be nominal and fully paid. No person, natural or juridical, shall own at any time more than 5% of the total shares of the Company by any means other than inheritance of testament except for (a) Qatar Investment Authority and (b) a Custodian Bank or Depositary Bank which is holding shares in respect of an offering of Global Depositary Receipts approved by an Extraordinary General Assembly of the Company."
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Commercial Bank announces results of its Extraordinary General Assembly
- Qatar: Thursday, November 27 - 2008 at 13:54
- PRESS RELEASE
At the Extraordinary General Assembly of Commercial bank held on 26 November 2008, the Shareholders passed the following resolutions.
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About Commercialbank:Commercialbank is the leading private sector and second largest commercial bank in Qatar, by total assets, shareholders' equity and market capitalization. Cb is a full service commercial bank and offers a complete range of retail banking, card services, wealth management, corporate banking, investment banking, Islamic banking, trade finance, and corporate internet banking services. Commercialbank also owns and operates exclusive Diners Club franchises in Qatar, Oman and Egypt. The bank's country wide network includes 26 full service branches, including 6 Al Safa Islamic branches, and 138 ATMs.
Commercialbank has achieved a compounded annual growth rate of over 40% in all key measures over the last five years, with the well diversified asset base rising to QR57.8bn as at end September 2008. Shareholders' equity has now risen to QR10.2bn in September 08. Cb has a presence in Oman and the UAE through its affiliates, National Bank of Oman and United Arab Bank. NBO is the second largest bank in Oman with total assets of OR1.8bn, and has 52 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of Dhs7.1bn and operates 9 branches in the UAE.
Commercialbank now ranks among the top 20 Arab banks by capital strength, and is one of the fastest growing banks in the economically vibrant GCC region. Cb has prime single A credit ratings from all the three globally recognized rating agencies - Moodys, Fitch and S&P. Cb is the first Qatari bank to list its Global Depository Receipts (GDRs) as well as its bonds on the London Stock Exchange.
For further information, kindly contact:
Nesrine M.Kobeissi
Media Relationship Manager
Commercialbank
Grand Hamad Avenue
P.O. Box 3232
Doha - State of Qatar
Tel: +974 449 0158
Posted by Rana MesbahThursday, November 27 - 2008 at 13:54 UAE local time (GMT+4)
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