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November 2017

GWC Concludes its Extraordinary Assembly General Meeting Successfully

GWC has gained shareholder approval for the amendment of portions of its Articles of Association (AoA) and its by-laws in compliance with the newly updated regulations stated in the Corporate Governance Regulations issued by Qatar Financial Markets Authority (QFMA), during the company’s Extraordinary Assembly General Meeting held on Monday, October 30, 2017 in the Four Seasons Hotel Doha.

The meeting was chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, and was attended by representatives of the Ministry of Economy and Commerce, GWC’s external auditors KPMG, and the company’s shareholders.

The proposed articles for amendment pertained to a number of key functions of the company, including the amendment of Article (32) of the AoA adding all the responsibilities of the Board of Directors in compliance with the requirements of Article (9) of the governance code; amending Articles (25), (28), and (30) of the AoA to comply with Article (35) of the governance code regarding the drawing of a secret ballot for board member and managing director elections; the amendment of Article (26) of the AoA to comply with Article (5) of the governance code controlling the requirements to become a board member; the amendment of Article (45) of the company by-laws to comply with Article (32) of the governance code concerning the right of every shareholder to object to certain board decisions; the amendment of Article (56) of the company by-laws to comply with Article (37) of the governance code regarding the protection of minority shareholder rights; in addition to a number of minor corrections in Articles 5, 31, 47, and 49 of the company by-laws. These amendments were presented to the shareholders during the meeting, where they signalled their approval of the intended amendments.

“We gather here today following a year that has proven the strong capabilities of the nation, and its ability to deal with any challenge it comes across. GWC, by the grace of Allah, is maintaining its position as the leading logistics provider in the State of Qatar, and has proven itself a reliable partner to the nation, capable of handling all situations the nation faces”, stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani noted:

The general assembly gathered came after GWC had announced its financial results for the third quarter of 2017, achieving QAR 157.26 million during this period, compared to QAR 150.11 million by the end of the same period in 2016, a growth of 4.8% in its net profits. The company’s gross revenues registered QAR 695,13 million at the end of the period, recording an 11.8 % increase from QAR 621,38 million in the first nine months of 2016. Meanwhile, the earnings per share increased to QAR 2.68 in the first three quarters of 2017, a rise from 2.59 during the same period in 2016.

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