Industries Qatar (IQ), one of the region’s industrial giants with holdings in petrochemicals, fertilizers and steel producers, has announced yesterday to hold an Extra Ordinary General Assembly (EGM) meeting electronically, using Zoom application platform, on Sunday, September 13, 2020 at 4:30 pm Doha Time.
In compliance with the instructions of Qatar to prevent all forms of gatherings, amid efforts to contain the spread of the Coronavirus (COVID-19) pandemic, the Extra-Ordinary General Assembly meeting will be held electronically to take shareholders’ approval on purchase of 25 percent stake in Qatar Fertiliser Company (QAFCO). In addition, there are additional agenda items that has been added, the details are available at the end of this press release.
It should be noted that IQ had previously announced on August 23, 2020 in relation to the Board of Directors’ proposal to convene an Extra Ordinary General Assembly meeting to take approval from the shareholders on the purchase of 25 percent stake in Qafco and other matters, briefing in detail all the aspects of the agenda items.
Providing clarification on the participation and voting procedures for the meeting, IQ said that shareholders intending to attend the meeting virtually are requested to provide the following information and documents through an email to the email address: [email protected] and/or [email protected]
Documents include: Copy of Identification document (Qatar ID or passport); mobile number; NIN number; and a copy of proxy and supporting documents for representatives of individuals and corporate entities. At first, a Zoom application link will be sent electronically via email to those shareholders, who expressed their interest in attending the meeting and whose contact details are received. Based on the link, the shareholders will be required to register for the meeting. Based on the completion of the registration process, the shareholder will be sent another link which will direct him/her to the virtual meeting room based on Zoom application platform.
Registration process will start at 2:30 pm Doha Time on the date of the meeting i.e. Sunday, September 13, 2020. Shareholders intending to attend this meeting can share their details earlier, so that they can join the registration process on time.
Attendees will be able to discuss the agenda items, address their questions, if any, to the Board of Directors or the External Auditor, virtually by sending their questions or comments in the chat box, available within the Zoom application, during the course of the meeting. As for the voting on the meeting’s agenda items, a shareholder who has an objection on an item must raise their hand, using Zoom application’s in built optionality, at the time of voting on the agenda item to express his/her objection. In the event that the shareholder does not raise his/her hand, this will be considered as an endorsement for the agenda item.
The agenda of the Extra Ordinary General Assembly meeting include seeking approval for the purchase of the 25 percent stake in Qatar Fertiliser Company (QAFCO) from Qatar Petroleum for a purchase consideration of $1bn and the proposed amendments to the Company’s Articles of Association concerning the constitution of the Company’s Board of Directors. The new composition of the Board of Directors shall come into effect from the upcoming term of the Board that will start from the date of holding the General Assembly meeting to approve the financial statements of the financial year ending 31 December 2020, among others.
