DOHA: The Board of Directors of Qatar Aluminium Manufacturing Company’s (Qamco) has decided to announce the financial results of December 2018 together with its full financial year 2019 as it is the view of the Board that one month of operations is too short to report for substantial financial and operational information.
Qamco was recently listed at Qatar Stock Exchange (QSE). It owns 50 percent interest in Qatalum, a successful producer of primary aluminium and one of the largest aluminium smelters in the region.
The Company has obtained the necessary no objection from the Ministry of Commerce and Industry to amend the Company’s Articles of Association to have the first financial year of the Company to end on December 31, 2019, and hence Qamco will be disclosing 13 months financial statements at year end 2019. The first financial report of the Company will be for four months ending March 31, 2019, and will be announced in April 2019.
The Board of Directors will declare an interim dividend to the shareholders of the Company along with its Q1, 2019 disclosure. The interim dividend that will be declared will pertain to the six months period from July 1, 2018 to December 31, 2018, in line with the Company’s IPO Prospectus and the founder’s economic rights waiver.
Qamco will hold its Ordinary Annual General Assembly Meeting on March 13, 2019, for the shareholders of the Company, to listen to the Chairman’s message, approve the Board’s recommendation for interim cash dividends along with the disclosure of the financial results for the first quarter of 2019, and to appoint the external auditors for the financial year ending December 31, 2019.
The Company will also hold an Extraordinary General Assembly meeting on the same day to approve the amendments to the Company’s Article of Association in order to have the first financial year ending on December 31, 2019, and amending the nominal value of the shares of the Company to become one (1) Qatari Riyal.
