QIC Board of Directors Meeting Oct 2014

Oct 10, 2014 (0) comment

Please be advised that in QIC Board of Directors meeting held on Tuesday, the 21st Oct. 2014, The Board approved the financial information for the 3rd Quarter Financial Year 2014(audited).

Board of Directors also approved the following:

  1. Listing QIC International (QICI) – subsidiary of QIC and incorporated under Qatar Financial Centre – in Qatar Stock Exchange and taking the necessary actions and procedures, as required by the relevant authorities.
  2. Accepting the offer submitted by the General Retirement & Social Insurance Authority to fully acquire the issuance of the convertible bond which was approved for issuance by the board of directors in the meeting held on 14/07/2014, according to the agreed upon terms and conditions.
  3. Amendment of articles no. (13 and 66) of the Articles of Association of the company, to comply with: -The issued Law no. (9) 2014, amending some provisions of law no. (13) 2000 – regulating Non-Qatari investments in the economic activities – allowing Non-Qatari investors to own not more than (49%) of the Company’s shares.
    -The issued Law by QCB for regulating financial institutions no. (13) 2012, for increasing the legal reserve of the Insurance Companies to (100%) of the share capital.
  4. Calling for an AGM and EGM of the company to approve the foregoing matters.

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